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Alex Golden and Mike Facci answer about 6-7 mailbag questions for today's episode of Setting The Pace! 1). Beeg Luka Part 1 - With the number of injured players growing, do you expect the Pacers to begin trying out guys on 10 day contracts? Part 2 - With the team having at least 4 players out for two weeks or more, do they qualify for the hardship exception to go above 15 men on the roster? (Rooster asked a similar question) 2). Garrett from Buffalo! Bills Mafia baby! Why do you think our pace of play has slowed this season? 3). Josh Who do you think will have the next 40+ game on the Pacers? I personally think it'll be Mathurin. Do you think the next breakout player for the Pacers is on the roster or will we trade for them? Not including Mathurin. 4). Mann Marsden Do you guys think regardless of fit, that it is time to move on from Myles and go to more of defense type center? 5). Pacer Faithful Do you see a world where Mathurin and Siakam become the all stars/high scorers and Haliburton becomes more of a facilitator long term? 6). Aaron M What are your thoughts on Furphy's upside? Can he be that big-ish 3-D wing the Pacers need more of at some point? Learn more about your ad choices. Visit podcastchoices.com/adchoices
Welcome to The Grum! Mike'l Severe is in for Josh (Who set a PR by the way in Oregon!)
Did you know this may be holding you back from success in your business? Hit me up on IG! @russellbrunson Text Me! 208-231-3797 Join my newsletter at marketingsecrets.com ClubHouseWithRussell.com Magnetic Marketing ---Transcript--- Russell Brunson: What's up everybody? This is Russell Brunson. Welcome back to Marketing Secrets podcast. One of the questions I get asked a lot about, and I don't spend a lot of time talking about it, is actually money and mindset around money, and how that works, and things that can help you to make more money, things that hold you back from making money. They have nothing to do with your skill set, it just has everything to do with the conversations, the beliefs, the things inside of your mind. This interview with Josh Forti, it was really fun and hopefully you enjoy it. Hopefully it'll help you if you do have money blocks, to help you get unstuck. If you don't think you have money blocks, you probably do. And this hopefully, interview, will make you very aware of those things, and help you to find those things and knock them out in your life. That said, we'll keep the theme song, and when we come back, listen in on this interview with me and Josh Forti. What's up everybody? Welcome back The Marketing Secrets podcast. I'm here today again with Josh Forti, and we're having so much fun today. We just recorded one episode and now we're going deep into episode number two, which we're going to be talking about mindset as it relates to things that are very specific to you guys as entrepreneurs. I'll Josh talk more about this as he's going to be queuing up the question, but hope you guys enjoy this episode as well. Josh Forti: All right, man. First off, we got to talk about your shirt. I feel like there's got to be a story behind this. Guys, for those of you that are listening on audio, let me just explain real quick. It is a skull and crossbones, but it's not just a skull and crossbones. It's got bunny ears on the skull. It's got little waves off to the side. What does it say on the sleeve? Russell: It says, "Psycho bunny." Josh: Psycho bunny. Russell: This is actually a really cool brand called Psycho Bunny, and I bought a couple of their things. I'm like, "This is a cool brand." And then I was shopping with Bart Miller in Vegas, and they have a Psycho Bunny shop. I went in there- Josh: Oh dang! Russell: And they had shirts and jackets and suit jackets that have the Psycho Bunny inside. It's just a fun, cool brand, and I really like it. Psycho Bunny. Josh: Okay. There's no grand, huge story behind how you got it. You just liked it. Russell: I should buy the company because it'd be really cool. Anyway, nope. Nothing. Josh: Guys, when you're a funnel hacker and when you decide to take over the world and create empires, you can randomly decide on a podcast that you're just going to ... "I should buy the company." That's not a normal thing that most people get to say, but it's super dope. Russell: This could be a fun episode in the future because as we acquired two big companies last year and I'm learning about this and having more fun with it, there are some cool ... For most of us, we look at a company, like, "There's no way I could buy that company," but then like Tai Lopez who just bought RadioShack and he bought Pier 1 Imports and all these companies… Josh: Dress Barn. Yeah. Russell: Now, I bought a couple companies and I'm like, oh, my gosh, there's actually a really cool strategy where it doesn't technically cost you any money if you do it correctly. We bought Dan Kennedy's company for a steal. We've launched the first thing. Now we made our money back. And now moving forward, everything I do with Dan Kennedy's company is pure, unadulterated profit to the bottom line. And that's exciting because ... All of a sudden it's like, you can actually buy companies when you understand the core principles of what we do. Anyway, that's a topic for another day, but it's kind of a fun one. Josh: So much fun stuff. Topic for another day. We'll do many episodes. Now is not the time. We're going to dive into what I think goes really well with our last episode. Last episode we talked about goal setting and setting things up, and that last bit of it was around identity and beliefs and values and rules and things like that. I want to talk about mindset here, and specifically the mindset ... There's a couple core key areas, because what's interesting is a lot of times we think mindset is we have to train our minds to think a certain way, or we have to overcome false beliefs about bad things. Like, "I'll never be successful" or "I'll never be this." But it goes both ways, because often times we can have fear of success. We can have fear that, oh, my gosh, what happens if I actually achieve that goal? There's so many different things around that, that we could dive into, but I want to kick off with this one specifically around mindset around money. I do want to talk about not just money, failure, doing the impossible, things like that, but I want to start with money because I feel like money is one of these things that we all have some form of weird relationship with it. Very few people grew up in a home where their parents and everybody around them had a healthy relationship with money, because most people ... I would say 90 plus percent of the people that I've met do not have a healthy relationship with money. They don't understand it. They don't understand what it represents, how it works, any of the things with it. For you, I want you to take us back because one of things, and I've kind of told you this at the beginning, a lot of people in the ClickFunnels world, like Russell. I was talking to Brad Gibb the other day. Shout out to Brad. He's awesome. He's like, "Russell has come and he's taken these handcuffs off of us, to where now we just can print money." It's ridiculous. It's kind of a cheat code. When we talk about it to all of our friends, we go around and we're like, "Yeah, we just kind of make money on the Internet." They're like, "How do you do that?" We're like, "We don't know. We just do what Russell says and it just works." Russell: It's a magic trick! Josh: It just shows up. It's amazing. We've kind of unshackled the making of money, if we follow what it is, but keeping money. But our thoughts around money, our beliefs around money, how we perceive and value money, how we think money is going to change us. All of these different other things around money, those things are now new problems that a lot of us are running into, or have not yet applied the things that you've told us to do because of those beliefs. I think both of those are true. I've seen so many people ... I made not a ton, ton of money, but certainly 10 times more money than I'd ever made in my life when I first got started, and blew it all because of my poor, very unhealthy, almost toxic relationship with money. Take us back, what are the money shifts or the beliefs around money, specifically in mindset, that you had to go through. I'm just going to kind of leave that open ended and see where you take it. Russell: The first thing I think that would be useful for everyone is for everyone to actually, honestly sit down and look at their relationship with money and understand it ... It's funny because if you would ask Russell 15 years ago Russell if this was actually a real thing, I'd be like, "No, this is stupid. Just make money. It's easy." But I had a friend who I worked with, man, probably 12, 13 years ago on a project and he was someone who is super charismatic, super dynamic, super talented person. When he was younger, he used his talents and his gifts and he made a whole bunch of money really, really fast. Crazy, crazy money. Money that doesn't make any sense. When he got that money, he started doing stupid things with it. He got into drugs and alcohol and all the problems that are associated with when you make too much money too fast as a kid, and almost destroyed his life. He almost died. He almost lost his family and his marriage. All these things happened. He lost all the money, which was probably a blessing. And then he refixed his life. And then he got back to the spot where he's like, "I want to make money again." I watched him for probably 10 years of his life, where he would do all the right things, he would get close to making a bunch of money and then he would literally subconsciously destroy everything he had built, and it kept happening. At first I was so confused by it. I'm like, "You were so close. How do you keep messing this up? I don't understand it." Then he told me a story. He didn't know this subconsciously but we had a conversation one night where he told me a story. I was like, "Oh, my gosh. Subconsciously, you are linking the destruction of your family, your health and all these things to making money, because that's what happened the very first time. Now every time you get close to it, your whole subconscious mind is like, no, and starts making you do stupid things to destroy yourself from actually having success." I've seen ... Now, it's been a decade of me watching this. And as much as I love this person, I keep seeing him. He's so talented, so many gifts, and keeps not having any success because of this thing that happened in his youth. His is an extreme example, but this is happening to all of us. You think about when you were growing up, what are the things that your parents said about money? What are the things that you heard at church about money? What are the things you heard in different spots? There are so many things that have been ingrained in our head that we don't even know consciously. And also, we start having success in whatever. We start making money or we start getting close to making money, and all these warning signals are popping off in your head, like, don't get money because of this because you'll become a bad person and you're going to fall away from God. You're going to be doing this. You're going to be the bad person. You look at TV. Myron Golden is the first one that ever pointed this out to me. You look at every movie, every superhero movie, for the most part, the bad guy is the rich billionaire who is this horrible person. This is ingrained in our heads that money is going to make us evil. Those things are real, and even if you don't think that they're affecting you, they probably are. Josh: And then you don't consciously believe it. Subconsciously they control you. Russell: Yeah, it's affecting you. I've seen this in my own journey. When I first started making money, I thought everyone was going to be excited. I was like, "This is so cool." I was so excited to teach everybody else. I started making money. I start teaching people and try to show my friends and my family and what happened. The response I got was not what I thought it was going to be. It was not like, "This is amazing-" Josh: At all. Russell: "Let's try it." Instead it was weird, especially for my wife. My wife struggled with it even more so than me because I've had success in parts of my life in the past where ... In wrestling, I was a state champ, I was an all-American. I hit these different things, but there was this weird side of success you aren't expecting where the people around you who you think are going to be celebrating with you, they don't. In fact, I remember my mom when I bought my dream house ... My house is ... You've been to my house. Josh: Your house is insane. It's so awesome. Russell: It's like the coolest thing in the world. When I was growing up, I wanted an insane house. I remember I was finally at a spot where I could buy this house. In the reality, I didn't pay it off immediately. I could've just paid cash for it. I didn't. But within two years I think I paid it off, which was a big deal for me. But I remember when I was buying my house, I remember a comment my mom said. She was like, "You don't want to buy a house like this because then you're going to be one of those rich people up on the hill." I was like, "What does that mean, mom?" She was like, "They're the ones that are always looking down at everybody else." I'm like, "What?" All of a sudden I was scared to tell my mom about my success because my mom viewed the rich people as this thing over here. And then other people. It was this weird thing where all of a sudden it makes you want to shrink down, it makes you want to hide because you're like, "I don't want people judging me because of this thing." For all of you guys, for all of us, there's these things that may happen, where comments are made, when people we love and respect were to all of a sudden to ... The side of success that you think is going to happen doesn't. Especially in money. I think money is a big one because it's such a thing. Josh: Yeah. I also think that because of the stories that we're told by everybody else, like you're saying, subconsciously it's ingrained in our society, what money is and how it works, nobody understands it. Taylor Welch ... You know Taylor, right? Taylor Welch? Russell: Yep. Josh: He's the one ... He and I have become ... I don't want to say good friends, but certainly friends over the past little bit. He was actually the very first person I ever interviewed on my podcast. Russell: Very cool. Josh: He got me into money. He was like, "Study money. Because once you understand how it works, it'll completely change your perspective of it." I always joke around with my mom. I'm like, "Money's not real. It's all fake." In America specifically, the U.S. dollar is not real. It's all fake and it's all made up. She always pushes back. She's like, "It's not fake because I can guy groceries with it." I'm like, "That right there, that shows that I have a different relationship ..." And side note, I freaking love my mom. My mom and I have an amazing relationship. But my mom and I have a completely different fundamental relationship with money. That was a very interesting learning lesson for me. When you change your relationship with money, when you change how it works, when you understand it differently and when you change your relationship with it, it also becomes not hard to get or keep, because now you're not needy of it. Your relationship changes with it. I always think about ... Take it back to dating. I'm not even going to say the book because I don't want people to go ... It's not a great book, but I was reading a clip out of this book one time and the guy in it goes, "Money and ..." Let's say, relationship. Money and girls are kind of the same thing. Those are not the words he used, but money and girls are the same way. If you're desperate and needy of it, you'll never have it. But if you don't care, it'll come abundantly. That was a very interesting shift for me as well. Anyway, I didn't mean to interrupt you but that was very interesting. Russell: It's key. As I studied Tony Robbins, the biggest thing I learned ... One of the biggest things. I shouldn't say the biggest, but is just becoming aware of things. I think the first step for of any us is being aware of how this is actually affecting you. For a lot of us, at whatever level you're at, the reason you're not at the next level is because there's some belief around it that's keeping you from there. It's interesting, I remember when I had the goal, when I hit a million dollars in a year, I didn't hit it three years in a row. Every year I was within $50,000. Like, $75,000. How am I not hitting this? It was like, I had these weird beliefs around that thing. As soon as I broke it, I was like, this is easy. Going from million to 10 million was next. Getting to two, three, five, eight million was easy, but then 10 million was this gap where I was stuck. It's beliefs. What's easy? What's hard? A couple things ... Again, this is one of those topics. I've never taught this before so I don't have the, here's the Russell three step framework. Things have happened in my life that I became aware of this for myself. One of them was, I had a coach ... I've had her a couple times throughout my life. She's awesome. One of my favorite coaches of all time. Her name is Tara Williams. Tara ... It was interesting because I always thought ... Again, especially people who are religious, there's always this belief of is money going to make me evil? You hear these things on the side. I definitely had this subconscious fear around that. If I get too much money, I'm going to forget God. I'm going to forget my family. All these things couple happen. Because they do. They happen to so many people. We see it. I had that fear behind it. I remember, especially when I bought my house, I was like, I bought this house and it's crazy. Anyway, Tara was at our house, actually, doing a coaching session with my wife and I. It was an interesting thing. But she said a couple things in that meeting that had a big impact on me. One of the things was ... She asked my wife this specifically. "Do you think this is bad that he bought this house?" My wife is like, "Yeah." She has so much guilt associated with it, because she's like ... It was interesting because Tara brought back, "Because you guys have money, talk about things you've done. Last year you gave a million dollars to OUR. Last year you did this. Last year you did this. How many people have you helped? How many entrepreneurs have you empowered? How many jobs have you created?" We started going through this whole thing, and it was like, all these things you're doing has been creating wealth for you. You have this wealth. You can just give it away and you guys do give a lot away, but is it bad for you now to enjoy some of it, to buy a house? Still she was like, "I don't know. Is it bad or not?" She's like, "Now you have this house, what have you guys done with this house?" I was like, "We have our kids here and we have our family here. We bring people here. We're able to serve people at a different level because we have these things." All of a sudden it was like, oh, my gosh, this isn't a bad thing. I remember hearing Richard Branson, somebody asked him ... Who was it? It was another one of those moments for me that opened my mind. But someone asked Branson, "Do you feel guilty that you're not down at the soup kitchen helping feed these people?" Branson's response was so powerful. He said, "The people of the soup kitchen who are feeding people, that's amazing. We're so grateful for them. They're giving their time and their effort. It's powerful. I'm not going to go to the soup kitchen and feed people soup, but I can give the soup kitchen $50,000, and that's going to feed 10,000 people. It's different service but it's still service, and this is able to help even more people." I started thinking about that. Man, these tools that we create, like wealth and the things that we have can be so much more impactful if we use it correctly. It's not a bad thing. It's just understanding these are tools that we have. Anyway ... Josh: It's interesting you say that and phrase it that way because that was one of the things, actually, Brad Gibb, he's a very good friend of mine as well, and we talk a lot. And he's taught me probably more about money as far as investing how it works and how to use it and things like that, probably more than anybody else. Very, very smart. One of the things that he said is money is not all the same. He's like, "You can have a million dollars over here and a million dollars over here and one of them be used for good and to multiply and to be productive, and one of them be used just to indulge and be gluttonous and to be greedy. Is money good or bad? It's not good, it's not bad. It is. It is a tool for exchange. How you go and use it will determine whether or not it's good or bad for you in your own life." When he put it that way, I was like, if I have my money and I'm investing and I'm multiplying it and it's creating freedom and then I'm using that to be able to go out and give back, all of a sudden money is now good. It makes me be able to do my job better. But if I'm just going and I make a million dollars and I go to Vegas and I put 100 grand on black, cool. Maybe once in your lifetime. But that is not a good thing anymore. Now it's taking away from your gift. It can either be an amplifier or it can be something that takes away. That was a really, really big shift for me. It was like, how am I using it? Russell: It's powerful. Again, it just comes down to there's so many subconscious things that are weird about it. Next thing I want to talk about for entrepreneurs too ... And this is a trap with money that I got caught into for almost 15 years. When I stared my business, I remember I started making some money. I figured out what my wife and I needed to live. I think at the time it was $8,000 a month that was giving us the most amazing lifestyle ever. We set it up where our paycheck was eight grand a month and that's what was coming from the company. And everything else in the company I kept reinvesting back into the company. For a while that's important. That's where we're going to grow, where we're going to expand it. I look at my business for the next decade at least, maybe longer, I never pulled anything else out. It only kept getting reinvested, reinvested. And eventually ... Some of you guys heard my story. 10, 12 years ago we had this big crash where everything got shut down and we lost everything. And the thing that sucked is when it all was said and done, I had nothing. We never pulled money out. We never invested. We never did anything. It was all being reinvested back into the business. I got my guarantee, we had our certainty, eight grand a month coming in consistently every single time, but then nothing happened. I remember when we launched after that happened and everything crashed and we were rebuilding back up, during that time we had no money so everything is being reinvested back into the business because we had no business at that point. We started figuring this out. That's where I met Todd. We launched Click Funnels. When we launched Click Funnels, I instantly went back to my same pattern. Like, cool, all the money goes back into Click Funnels. That's how we're going to do this thing. Todd was like, "Dude, just so you understand, I did not build this thing to just have a good paycheck and let this thing keep growing. This is not worth it for me unless we pull money out." I remember I was like ... I had so much fear and I was like, "No. We can't do this." This is one of Todd and I's first and probably only real things where he was just like, "It's not worth it to me unless this is producing money that's being put over here for my family, for my church, for my faith, all the things I want to be doing." Again, we fought back and forth for a couple of months. The very first time we had some profit. I was like, "What do I do with this profit? Put it back in the business." Todd was like, "No, we need to pull it out of the business," and we fought back and forth. Finally, we figured out a way to make us both happy where we figured ... At the time, we need three months of money in reserve. Worst case scenario, that's there. But then after that's over, all of the money, 100% of the money needs to be pulled out and given to the owners. Otherwise we're going to be like you were, Russell, 15 years in and you've got nothing to show for it. All the stress, all the effort, all the energy, and nothing to show for it. That's how we set things up. I remember it was so scary for me. In fact, when we started pulling out and distributing out the profits every single month, I kept mine in there for two years. I didn't touch a penny of it because I'm like ... It's in my separate account. It's over there. What was crazy, though, is that all of a sudden this thing that I was doing started actually producing wealth for me, which took the stress down. I started seeing this thing happening, and all of a sudden it started giving me options where I had no options ahead of time. I think for a lot of entrepreneurs it's like, we have this thing ... It's funny because I see even big people like Gary Vee talk about this, like, "I don't care about money. I dump all my money back in. I'm just building this brand." I'm like, I thought that was the thing for a while too, but it's not. If the business is not producing wealth for the owners, what's the point of it? Eventually you got a job and that's it. It needs to be doing something or else it's not serving you, and therefore, it's not a gift. Josh: Was that the thing, though, helping you overcome that? Was it just doing it? Is that what helped you overcome it? Russell: Yeah, Todd forced me. If it wasn't for Todd, I would still be pulling out eight grand a month and that would be where I would be living. 100%. Todd forced me to do it and it stressed me out. I was so scared. For two years I didn't touch the money and all of a sudden it was like, oh, my gosh, there's this money here. Now I have the ability to ... This thing I had created, this value I was trying to put into the world was paying us back, and now we could ... Now we had all sorts of options. Especially when you're really pushing and you're working hard and you're grinding on something, if aren't seeing some tangible value back from it, it's not serving you. It's just taking from you. Again, this was my personal money, one of my personal issues I struggled with. This may or may not be that, but I would say for all of you guys, looking at this as you are creating a business and creating wealth, you need to be pulling things out. What you do with it is up to you. Like you talked about, use it for good, evil. You can give it to charity. You can do whatever. But if the business is just paying for itself, the business will continue to eat up all your money. It will. You leave money it, it's going to continue to eat it up and it'll disappear as fast as it can possibly happen. But if you start pulling it out and it's over here and it's different, man, it becomes more efficient. It becomes more effective. Everything becomes better because of that. Josh: It's funny, because my thing ... I had that same struggle except I wasn't even paying myself. I was literally just, what are my bills for the month, the bare minimum, and then that was it. And then I met my now wife and I started thinking about finances and she wanted stuff. I was like, but also the business. It was kind of like this thing. Katie came along and was like, "Josh ..." The very first ... She didn't give me a lot of tactical things. It was very mindset-focused. I remember one of the biggest tactical things that she gave me out of the very few that she did, she was like, "You need to pay yourself a paycheck, and that paycheck needs to not only be enough to cover all of your expenses, but it needs to in excess." When I started to put away multiple thousand dollars a month into savings or into being able to invest outside of the company, it changed my whole entire perspective. Weirdly enough, magically, the business made more money. It was like, made it every month. It was like, we're entrepreneurs. We figure out problems. Our brain programs for it. And then I started looking at it as myself as an expense. I was like, I'm a line item on the books. Just like I pay a contractor, that's me. All of a sudden, the business made enough money to cover that. But before that, it didn't. It was crazy. Russell: It's interesting because when you start seeing the results ... I've talked about this before. If you look at my Disc profile, there's the D-I-S-C, and then there's your values. My number one value is ROI. If I can't see the ROI of a situation, it makes it harder for me to do it. I was in business for a decade and a half and the ROI I was getting was good. I was like, "I'm helping people and having success, and it's fun to see the success stories." That was the ROI I was getting, and it was good. It kept me going. But man, I look at the last seven years of Click Funnel, it was like the pressure and the stress and all of the type of things. If it wasn't for the ROI, it took this pressure, but here's the ROI of it, I wouldn't have been able to do it. As soon as I started seeing the ROI and the ROI gets bigger and bigger and bigger, all of a sudden it's like, this becomes fun again and you get excited. How do I make the ROI ... For me, it's all about the ROI, the return on investment, any situation is the key. If you don't have the ROI, it gets hard. It's hard to be creative. It's hard to come up with the next idea, the next thing, and the stress and the pressure that comes. What's the return on investment for the effort you're putting into it? But if you see the ROI and you start amplifying it, then it becomes a more fun game. That's where you start growing from a million to a 10 to 100 and beyond because it's like, I see this game. I'm playing it. I'm getting the return on investment. But I never saw that before because the only return on investment I was getting was this one thing, and those things they feel good, but it's hard to keep score with the feel goods. You got to have a scoreboard to see, like, oh, my gosh, I'm winning. Can I win even more? What's it going to look like? And now it gives you options and opportunities… Josh: You mean you're telling me that all the stress and pressure isn't worth $8,000 a month? Russell: You know, I could get ... I was like ... Nowadays with all of the inflation, I can work at McDonald's for eight grand a month, I think. It's crazy. Josh: Man. Russell: But back then- Josh: That's crazy. Russell: That was the ... Anyway, it's crazy. Josh: You can buy Bitcoin and keep up with inflation. Bitcoin, the savior of money. One more. I kind of want to dive ... I wasn't going to make this a money episode, because that's kind of where it's been. When did you make the shift ... One of the big problems with entrepreneurs, talking maybe a little bit more established entrepreneur, is once they're making money ... I was talking with Brad about this and he was talking about in the inner circle. He was in there ... Or in Category Kings, right? The guy's like, "What's the main problem that you solve?" Brad was like, "So interesting. We thought we could answer that question." Then he asked us it and we try to do it, and it was like, dang, what is the main problem that we solve? What he said is one of the things that they came down to was entrepreneurs know that if they have money, it should be doing more. But they don't know what to do with it. This is something that you probably are an amplified example of this, because you're really, really good at making money. You don't even need to think about what your money should be doing because you can just go make more of it. Once again, that because you've unshackled us. It's like, "All right, want a new car? Go build a funnel. You want a palace? Go build a funnel. Want to take a vacation? Launch a funnel. Just do a funnel and you print money." For you, when did that shift happen for you when you actually started paying attention to, I can't just leave my money in an account right now? I can't just buy cars and houses because those don't make me ... You have houses, you've got the cars, you've got everything you've ever wanted and you still have money left over, so when did you make that shift of, my money needs to be doing more, and how did you solve that problem? Russell: Interesting. This is one that's been more recently solved for me, actually, which is fascinating. For a long I was just hoarding it. Just hoarding it, keeping it here. Then Brad and Ryan ... You have to invest it. I'm like, "I don't want to do that." They forced me to do ... I give them a bunch of money every year and they do whatever they do with it, and that's awesome. I'm like, "Okay, cool. Something is happening." But then the money kept adding up. I remember one day I was like, "I'm in a weird spot where I could buy almost anything I want. What do I want? I'm going to go and spend some money." I remember going to eBay and I was like, "I'm going to buy anything I want." I was searching for stuff, and I spent four hours on eBay when all of a sudden I spent three grand. I was like, "That's it. I got everything I wanted." I was like, "Oh, crap, now what do I do with it?" It was interesting, because for me, it was like ... Again, this is something ... It's been a recent development. I can't remember if it was this podcast or the one I talked about it, I was like, I didn't know what to do with this. Yeah, I could invest in real estate, but that wasn't inspiring to me. I have money in crypto, but that's not inspiring. What's the things that's going to inspire me to want to do more? Again, it's ROI for me. What's going to give me the ROI of now I got to create more money so I can do this thing? So I have a lot of things. Again, we give money to charity. All those things are good and they get me excited. But I was like, what would be the thing that, for me, would amplify? When we bought Dan Kennedy's company, it was the first time I felt it. I bought his thing. We reorganized it, cleaned it up, and I was like, "Oh, my gosh, I'm able to take these things that were so precious to me and I can bring them back to the world, and I can monetize them. I can actually make money off of this thing." I got really excited. I told you I started buying old books. I started investing in Napoleon Hill books and Charles Haanel and Orison Swett Marden and Samuel Smiles and all these people, the founding fathers of personal development and business and all these kinds of things. I've literally spent a small fortune ... I've spent a lot of money in the last couple months on these old, old books, because now it's like, I'm not investing in real estate that's over here. I'm investing in these things I don't care about. Now it's like I'm investing in something that I can take and that I can turn this into more money, and I can turn it into help. I can serve my entrepreneurs. I can do more things with it. For me, that's what's been stimulating for me. That was the investment of ... It was like, I can dump it back into things, but it was like something that's meaningful to me. For some people, crypto is meaningful. For some people it's NFT. Finding the thing that's not just like, I'm investing to invest, but what's the thing that you're passionate about it where it becomes more than just ... For me, that's what I'm geeking out on. You know this, next door I'm building a 20,000 square foot library to house all these books, to build an event center, to build all these kind of things because this is what I feel like my life's mission is. I'm curating all these ideas and I'm bringing them back to people in the simple new form to help these ideas and these concepts live on. For me, that's double fulfilling because it'll make me money, but it's also something that can serve the people I've been called to serve as well. Again, buying Kennedy's company, I'm serving these people, but I'm also making money, which gives me the ability to serve more people. It's kind of fun. Josh: What was the shift, though? For a while you didn't do that, right? Russell: For a while I just sat there. I didn't know what it was. Josh: Who or what got you to the point where you're like, "Okay, I've got to go figure this out"? Yes, this is what you ended up doing with it, but I think a lot of people, there's got to be that thing that's like, "This is when I realized I got to figure out ..." Or some people just let it sit their whole life, I guess. You know what I'm saying? Russell: I heard stories about ... I don't know how true ... But like Scottie Pippen or Mike Tyson, he made half a billion dollars and he's broke. I was like, I don't want to be that dude who made a half a billion dollars and is broke right now. I need to figure out ... I always joke with Brad and Ryan when we were writing their webinar page initially, I was like ... On 30 Rock, there's that scene where Liz Lemon is talking to Alec Baldwin and he's like, "I need that thing that rich people do where they turn money into more money." He's like, "Investing?" He's like, "Yeah. I want to do that." For me, it was like, I've got money here. I need to figure out how to turn money into more money, that's not just me doing the whole thing. How do we amplify what we're doing? How do we have that exponential growth? That was kind of the thing that got me into it. Again, initially it was doing the things that weren't exciting. I'd invested money in real estate and I hated that, so I had Brad and Ryan, I invested money with them. That was cool. It was passive. It wasn't passionate. I was trying to figure out what's the thing that I'm going to be passionate about, where now it becomes part of a game. Now I can see the ROI on this thing. I invested $40,000 this weekend on old books, how do I turn that into $400,000 or four million or 40 million? Can I do that? Now begins ... Now it's fun. Some people, real estate is that game. I got friends who own 100 houses, or 200 houses, and that's the game that they love. I look at Tai Lopez and he's buying these businesses. That's the game that he loves. What's the game you're going to love, the investing game you're going to love? There's a million ways to invest, but when you find one that you love, then it becomes ... Now it becomes a fun part of the game. I think it's understanding first off you need to do it, otherwise you're going to ... You mentioned this ... I can't remember if it was before we started recording, but people who have won Two Comma Club and they got nothing, or Two Comma Club X and they're broke. Entrepreneurs are good at generating money, but there's this other part that you got to learn how to invest it correctly. Otherwise, you're going to pull a Tyson or a Pippen and be broke in a couple of years from now. Yeah, I got 3 Two Comma Club awards on the wall, but I'm trying to figure out how to feed my family this weekend, and that's now where you want to be… Josh: That's so crazy that's a reality for people. It really, really is. I think that's one of the things that I am very, very thankful to have learned relatively early on, is ... Russell: They're two different skill sets. Making money- Josh: They are. Russell: And keeping money are not the same thing. Josh: Yeah. Russell: They are completely different skill sets. In fact, typically, the people who are good at making money are the worst at managing it. Josh: Keeping it. Russell: It's like yin and yang. Understanding that if you're good at making it, you find people around you, like Brad and Ryan, I was like, "Here's money. Do that thing you do because I don't want to mess it up." Josh: Yeah. Russell: In fact, it's funny, before I invested money with Brad and Ryan, I invested it in two different deals. I was like, "This is the greatest thing in the world." Both of them, literally both of them turned out to Ponzi schemes. I got to write off multiple of millions of dollars last year because I gave money to ideas that were so good that me as the entrepreneur was like, "This is genius. This is the greatest thing in the world." Ponzi scheme. I got sold on the thing. It's funny, one of my friends just sold his business for eight figures and he messages me. He was like, "All right. I want to ask your opinion. Where should I put this money?" I was like, "Dude, do not ask me. If I think it's a good idea, it's going to be a Ponzi scheme. Find someone who, that's their life, is that, like Brad and Ryan. Go give your money to them," or find something like I'm doing now with the books and stuff, where it's like now. This is something that fits into my skill set. I think it was ... What's the old dude who invests all the money? Warren Buffett, that said only invest in things you understand. It's like, I understand how to turn old information into money. I'm investing in information and intellectual property because I can turn that into more money, and so that becomes something I can invest in, because I understand the game. I don't understand- Josh: So interesting. Russell: This, but I do understand this, therefore, I will invest in the thing I understand because I can turn this into more money. Josh: That makes sense. Side note on Warren Buffett, you know 80% of his wealth or something like that came off of nine trades? Russell: Really? Josh: Nine investments that he made, it produced 80% of his wealth or something like that. Isn't that insane? Russell: That is fascinating. Josh: That's why when ... I read the quote from him, it was in the context of this quote. It was like, Warren Buffett is like, everyone thinks they have to make a bunch of good decisions. He was like, "I try to make three good decisions a year." I was like, "Oh, my gosh. What the heck?" And then I found out that 80% of his wealth came from ... It was eight or nine trades or something, or investments, and I was like, "All right. I guess that makes sense, then, if you only need to make ..." Anyway, last question, rapid fire question on money. Is there anything that you could do, if you could go back and change something about what you've done or your handling with money, is there anything that you would change, and if so, what's the biggest thing that would be? Russell: Good question. I think I would've started ... Number one, I would've started pulling money out of my business faster. Number two, I would've had a plan for what I would do with that money. I wish I would've said, "I'm going to pull out ... After three months of thing, pull out all the profit, I'm going to put 25% in real estate, 25% in crypto, 25% in something else, and just have that happening in the background, I'd be a much wealthier man today." It took me a long, long time before I did that. Todd forced me to start putting money into crypto, which was one of the greatest gifts ever for me. Brad and Ryan are now forcing me to put money over here. It's like taking that and putting it in spots where again, it's not going to be 100%. I'm going to fall for two Ponzi schemes a year probably, but if I can get one of them to win and three of them to fail, or whatever that is, that's the big thing. I always thought that I will start pulling money out when blah. When I hit Two Comma Club, when I hit a million. The problem is that win never comes. You got to structure from day number one. When money comes in, boom. Profits come out. This happens here. I pay myself first. From the money I pay myself, 10% is going to go for me to go do stupid things, 25% is going to go into real estate or Bitcoin or stocks or whatever. And dividing that stuff up so it's happening at a small level, because when that happens, I wasted a decade and a half before any kind of investments happening. Can you imagine if I had 15 years of the stuff I was doing, turning into something? I missed out on so much of that, that I wish I would've done. Josh: You just got to make sure that you have a small percentage there, which is dedicated to losing bets and Bitcoin to Josh. If you have that, then we're good. For the rest of your life, you're going to be losing bets, so that's how that's going to work. Guys, I hope you enjoyed this episode with money. I'll let you sign it off, but this was awesome. We get to hear Russell Brunson talk about money, which is something that, you make a ton of it, but you don't really talk about it, which is awesome. Thanks for sharing a little bit more. Russell: Thank you. I apologize I don't have a framework for this yet, but this gets me thinking, man, if I could figure out something for entrepreneurs, this is the next thing to do, so then I'll talk more about it as I figure things out. But it's fascinating. I remember I bought a Dan Kennedy course on wealth creation, and it was fascinating because I'd heard Dan talk about building businesses and all that sort of stuff, but it was the first time he ever talked about wealth. Again, same thing. Fascinating. I'm like, oh, my gosh. I never thought about that side of the coin because most entrepreneurs don't talk about it, or don't think about it. I think it's important for us to think and talk and do more with it because again, 15 years of never investing anything, man, it would've been nice. I'd be in a different spot right now than I am today, for sure. Thank you, Josh, for hanging out and talking about money. Hopefully you guys enjoyed this episode. If you did, let us know if you want more about money and wealth and these kind of things. Let us know and we'll go deeper on topics. Just take a screen shot of this on your phone, post it, and tag me and write your #1 question you want to hear, and maybe we'll talk about it on the next podcast. Thanks again. Thank you, Josh, and I will see you guys soon.
There is no coach on the professional circuit right now with more unwarranted #banter against them. This is the exact reason why the stoic young coach is one of the best coaches in the world. He blocks out the noise & focuses on the one true aspect of the sport: His athletes well being and their success. Coach Mackey in recent years has proved himself as one of the rising professional coaches in the world however Coach Mackey will never be the one to tell you, nor will the trolls behind the message boards. The ones that will tell you however are the athletes that have first hand experience being coached by Mackey in recent years. In the year of 2018 both of your hosts David Ribich & Josh Kerr signed their professional contracts to be coached by Mackey and since then, they have improved in every event they have run (similarly has everyone on the team). Focusing on this episode, your hosts break the barrier of athlete & coach and have a real chat with "The Gaffer" as Josh Kerr describes in the first 5 minutes. Their is tons of insight, banter and knowledge that spans every minute of this episode. With the first Top 10 requested guest securing their spot in the season we move on to #9 and hope the trend continues. Listen to this episode NOW to find out why your hosts trust Coach Mackey with their careers. Some #banter to look forward too: Who is more coachable - Dave or Josh Who is the least coachable guy you've ever had What characteristics makes Josh way faster than Dave Do you get enough credit? If you had a daughter who would you rather her date - Josh or Dave Why is Henry Wynne's form so bad? Who would win in a race, Josh's ego or Dave's therapist Who is/was more talented Kerr/Symmonds Most unique coaching tactic. How much money did Josh's medal earn you Which one of your athletes is going to “surprise” people this year? Coach Mackey 2021 stat: Mens 1500m Olympic Bronze Medal Womens 1500m Olympic Semi Finalist 7x Olympic Trials Finalists 3x Top 5 finishes at the Olympic Trials: W5000m, M1500m, M800m 100% Athlete participation at their major national championships. 11 of 13 athlete PRs (not including multiple PRs or multiple events) could beat any coach in the fighting ring If you are just joining us at The Sit & Kick Podcast, welcome. If you are returning time & time again, welcome back. SEASON 5 IS IN FULL SWING! Leave a Review!
Woman Accused Of Plowing Through Ex Boyfriend's Funeral Now Charged With Vandalizing Jesus Statue. Feds investigate evidence Nashville bomber hunted ‘lizard people,' other alien beings. Lori Vallow's Attorney Wants Trial Moved, Arguing She Can't Get Fair Trial For Deaths Of Her Children In Idaho Community. JOSH WHO? The Duggar family celebrates son James' 20th birthday but disgraced Josh NOT invited after child pornography arrest.
Welcome back to the 4th part of this interview series. We are getting near the end and the topics keep getting more interesting. In this episode you hear them talk about the influence their parents had on their lives in business. If they feel misunderstood as entrepreneurs and how their ability to communicate might be able to change that. Russell explains how he realizes that Clickfunnels is a team effort and that’s what help him stay so grounded. Then they discuss what each liked most about the Atlas Shrugged book and what character they each associate with most. So tune into part 4 of this exciting interview! Hit me up on IG! @russellbrunson Text Me! 208-231-3797 Join my newsletter at marketingsecrets.com ---Transcript--- What's up everybody, this is Russell. Welcome back to the Marketing Secrets podcast. All right. I hope you guys have enjoyed the first three. We are moving into the fourth episode of our interview. My interview with Josh Forti talking about Atlas Shrugged. Again, during this series, we've been talking about religion and politics and all the things you're not supposed to talk about, but we've done it all through the lens of Atlas Shrugged, which I hope you've enjoyed and had a lot of fun with it. Hopefully it's made you want to go and actually read the Atlas Shrugged book, which I think would be really, really cool. With that said, I’m going to queue up the theme song. When we come back, you have a chance to start listening to part four of my interview with Josh Forti. Josh Forti: So, what did your parents do right for you? One of the things that I try to say, I try to say it a lot but I don't even say it enough. My parents have played a absolutely tremendous... I owe so much of who I am today to my parents indirectly in a lot of ways. My parents didn't teach me about money or things like that. That wasn't their gift, but the principles of hard work and family values, biting your tongue, even though it doesn't seem like I bite my tongue. Oh my gosh. Every day, right? Russell Brunson: It could be worse guys. Josh: Right. It could be way worse. Some people would love that, but you know, deescalating situations and having those... I owe so much of who I am to those. Yeah, they messed up in a lot of ways like you said, but what were some of the things that your parents did right? What are the things that you remember from your parents? Russell: Yeah. I love my parents. I was very blessed with my parents, for sure. I don't think my dad was super engaged when we were younger just because he was in the phase where, like trying to figure things out and make money. It was different back then. Josh: Is he an entrepreneur? Russell: Yeah. He also had a job, but he did side business so he was always trying to figure things out. I saw him doing these things. I saw the job he didn't love and then I saw him doing stuff he did love and I watched him work really hard. Then when I started wrestling, I saw my dad... That became the thing that me and him connected with which meant the world to me and it was so important to him. What's cool was that my dad showed up to every wrestling practice. He came to every single match. His day job was State Farm insurance, he built up his book of business where by the time I was wrestling, he was able to take off as much as he wanted. It ran itself and he was making money and had residual income. I remember my dad was the only one, as soon as wrestling practice got done, my dad would walk in and we would do practice afterwards. Never missed a match. He was always there. I remember just thinking, I want to make sure I have a business or something like my dad was for me. That was so important to me. Like I said, he wasn't super around when we were younger and I think he struggled because of the younger kids, which I understand. That phase in my life, he was there and my best friend and it was just, it was awesome. I love that and I've been trying to have my kids now. Especially at times where maybe I wasn't as good of a dad, I was too busy. I'm trying to connect more. That was my dad for sure. Then my mom, for me she was just... I wouldn't say I'm a people pleaser but I'm very much an achiever. I think when I started wrestling and I saw my dad got closer to me and then I got a win and I saw him get excited, I wanted to win because I wanted to impress my dad. To this day, I think I still have that. Part of the reason I'm in this business and I'm doing stuff is I love when my dad sees it. There's something, I love impressing him. To this day I love that win. With my mom, she loved me even when I didn't win. that was something that was so foreign to me. I remember I'd be cutting away for wrestling, I hadn't eaten for three days. I'd be so tired, so miserable. She'd come down and sneak in my room, bringing me food. I'm like, "Mom, I can't eat. I'm not going to make weight." She's like, "Why don't you just quit then? You don't need to do this." She was the opposite of my dad. She loved me no matter what and didn't care that I was trying to win or succeed. Couldn't care less. She loved me just because I was me. That was weird but so cool as well. It's both those principles, it's something I've tried to weave in. I've got two different sides I'm trying to weave that into my kids. Again, so far from perfect, but I think those are the two things that meant the world to me, that I'm super grateful for them those things for me because I still remember those things now. Josh: So there is... Which by the way, that's awesome. There's a lot of people in this world that are growing up without a dad, without a mom. It's interesting because I think a lot of my social media posts, I kind of come across sometimes like the heartless a-hole, you know what I mean? A little bit, they're like, "Josh!" You know what I mean? You talk about, take personal responsibility for your life, everybody can do anything. If you're broke it's your fault, that's one of my favorite sayings. If you're broke in America it's your fault, right? They're like, "Josh, you don't understand. You grew up and your parents are still married. Not only do you have parents, they're still together and they still actually love each other." It's not even necessarily they're still together. You're like a percentage of the percentage of the percentage in a lot of ways. I don't even know what question I'm asking you, but what would you do? Where could somebody find that? What can we do as a society or just as entrepreneurs, as producers to help those people? I feel like that's a really big need. Russell: For sure. Josh: One of my big struggles with this is I always want to point it back to the church. I had a really awakening, come-to-Jesus moment back when I posted, this is probably a month ago or so. I posted it on Instagram actually. I think you liked it, actually, so I know you saw it. I said, "Defund the media, defund fear, defund career politicians. Fund orphanages, churches and schools." I posted it on Facebook and I posted it on Instagram, and I was shocked at how many people were like, "Dude. Fund the churches? They're a bunch of pedophile people there too." So many people had such this negative view of the church. I grew up in the church, that's what I knew. How I knew how family works is because I saw our own family and then I saw the church family and I saw the community and how the church was involved in the community. The church that I went to, after I moved out Grable, Indiana, I worked three doors down from it and that's where people went to vote was in their gym. And the fair, that's where people parked. The church was such an integral part... that word, a part of the community. So when I saw all these people that had this negative view of the church, that broke my heart because that was my solution. There are so many things. Like, if you don't have a dad, you can go to the church. If you don't have this, you can go to the church. Said, "What?" If that's your answer, that's cool, but how can we as producers of society and the people that are going out there and making the money, how can we help those that don't have what you and I had? Russell: It's interesting. What Mormons believe is the family is the central everything. That's God's plan. Husband and wife starts a family. That's an eternal principle, right? If you look at the adversary, Satan, whatever you want to call him, his job, if he can destroy the family, everything falls apart. That's the war we're in right now. We think we're in a lot of different wars. The war we are in is, Satan is attacking families. That's it. Josh: Okay. I want you to finish this, I have to say this though. Guys, and this is not Russell saying this, this is me. This is why I hate the Black Lives Matter organization. Not movement, the organization so much. Because, their whole principle is bragging about the traditional family values. Anyway, I'm not speaking for Russell. Russell: Yeah, if you Google "The Family: A Proclamation to the World," you'll see my beliefs on family. We have it printed out eight foot on my wall in my house. That's my belief. Family is central, everything. So, Satan, the way he destroys societies and nations and this world is, destroy the family. So when you see families are broken, they're single mothers and single fathers, it's heartbreaking. I think it's the saddest thing in the world. I don't know the right way to solve it. I do know that it's vitally important. I remember first time I met Tony Robbins and started learning from him, one of the principles he talked about in relationships is masculine, feminine energy. The masculine and feminine is key to a relationship. I could go on for four hours just on masculine and feminine. Oh, that's the most fascinating topic in the world. If you ever see how Tony fixes relationships, you look at the traditional view of traditional counseling, there's a problem. They're like, "What's the symptom of the problem?" They try to solve the symptom of the problem and counseling takes years because it's a symptom of the problem. All the issues, they're all symptoms of problems. The real problem is when there's a masculine and a feminine, and it doesn't matter. Again, this is true with gay, straight, doesn't matter. Feminine, masculine energy. You take a masculine and a feminine and that polar opposite, that magnetism, magnetize together, right? That's what creates attraction, passion, everything. What happens is you have a masculine and feminine, they're attracted together. That's how you start. That's how any relationship starts. Right? Then you look at people getting married. It was interesting because what Tony talked about, he said you look at typically in a relationship, there's what they call the seven-year itch, and why is that? He talks about the way the feminine causes change is... Some day I want to write a book on this. I don't know perfectly enough to- Josh: Russell needs to become a writer. My word… Russell: Yeah, I've got a lot of books to write. But, this is how it works in traditional marriage. Masculine and feminine. What happens is one of the ways that feminine causes change is they criticize, right? I see this with my wife, with friends, with girls. If they want their friend to change their hair they don't say, "Hey, you should get a haircut." They'll criticize to try to cause change. Right? What happens is that a feminine- Josh: Yo, wow. That's so true. Interesting stuff. Russell: Yeah. That's just one example of- Josh: Dave! Russell: Feminine… Josh: Right, right. Russell: So, feminine and masculine come together. This is just an example. They'll start criticizing the man, but a masculine man doesn't care, it bounces off him. Like, "Okay. Okay." Right? What happens after seven years of that happening? Eventually instead of it balancing off of you, which is the masculine response, you start taking it personally. Like, "Oh." As soon as you take it personally, guess what happens? You are shifting physically from your masculine into a feminine. You start shifting and what happens is you shift from masculine to feminine and boom, the attraction breaks, and it starts falling apart. And then all the other problems start happening. The problem isn't solving the fact that you leave the toilet seat up or that you don't communicate well. The problem is that the masculine-feminine attraction is broken. If you fix the masculine and feminine, you can make men become men and women become women. Attraction comes back, all the other symptoms disappear. It's fascinating. That's from a marriage, family, relationship standpoint. Josh: Okay. I want to- Russell: I'm telling this because I want to talk about this from the family with kids in a minute, but yes. Josh: Okay. But I want you to now give me another example that Tony Robbins has said, because what you made it sound like there is that the way the woman does something is the thing that's causing the bond. I know that's not what you meant. Russell: Oh, it could be, yeah. That's- Josh: I just wanted to do that clarification. Russell: It's the same thing with the men where the men are responding over and over, where women now become defensive and they become more masculine and it's the other way. Yeah. Sorry. That's not the only example. I was just- Josh: Right. Russell: The one- Josh: I just wanted to make sure we clarify that because I know thing's have been taken out of context before. Russell: Somebody is going to be angry at me. I apologize. I'm stupid. I get it. But conceptually, does that make sense? It's the break of the masculine and feminine that causes the split, which causes the disharmony. And if you bring the masculine and feminine together, I think that's what causes attraction and causes passion and causes all these things. I look at my life when we were struggling in our marriage, it's because I'm showing up feminine. When I show masculine, everything's great. Where my wife comes in masculine and I'm masculine, we butt heads, it's fascinating. Anyway, I don't want to get deep into this because there's so much stuff. There's another show on this, because you look at this thing. You've got a family and the mother and father split and then there's kids who go with either the mother or the father, and now what they have is they've got either a very masculine person they're learning from or feminine, but they don't see both. And so it shifts them and it shifts their relationship. So many problems. I think the way we help the most, or can help the most is... Hormozi does this. Alex Hormozi does this. He donates his money to... Do you remember the name of the charity? He got our first Two Heart award. It's afterschool kids. These kids, like men who... There's these kids trying to play basketball or lift weights or whatever, who don't have masculine energy in their life. They come and they donate their time and they help the kids to brig masculinity. All of us, we need male and female perspectives. Josh: Right. Russell: It's designed to have those things together. When you lose one of them, it's a tragedy. I think the way we can start helping is, how do we bring programs where they can see masculine energy and see the way to make it a positive and not a negative thing? A lot of times, all they know is masculine energy left and oftentimes there's a lot of anger between the people. They hear talking trash about the spouse and talking trash about these traits which are traits that are essential for them to develop. I don't know. I don't know if that's the right answer or not, but I feel like that's how we could help those things. Help them understand, like the kids who don't have a father or a mother. They need that energy in their life to understand it, to be able to... I don't know. Josh: Okay. This is seemingly unrelated to this, but I think that I can tie it back in because it's a question that I think fits in here. I'm going to start with a super-basic question, which I think the answer is obvious, but we'll go down this road. Do you feel misunderstood as an entrepreneur? Russell: I did early on, less so now. Josh: Why is that? Russell: When I was got started... Entrepreneurship has become more of a cool thing in the last decades. Since Shark Tank and stuff. Back when I first started it wasn't. Everyone was confused. Like, "Why would you do that?" It is cooler. Also, I think the more you talk, the more you either alienate people or you attract people, and I think a lot of the people who I have alienated have been alienated and I think they are attracted by attractive. So my bubble of people around me are people who understand this lingo, who relate to it. So it's less hard now than it was initially. Josh: I believe that one of my superpower... Your superpower, your art, your format is marketing and funnels, funnels specifically. That's what you do. I feel you could just sit there for hours and hours and days and forever for the rest of, all of time. Russell: Yes. I love it. Josh: My superpower thing that I like to do is this. Communication. I love constructing words in a way that people can understand. I'm sure not, but the Kanye West interview that Joe Rogan just did three days ago. Russell: I've heard about him… Josh: This has been a long awaited episode. No one thought it was ever going to happen because it was teased and it wasn't, didn't happen. Finally happens. So I see this, I had no idea what's coming. It drops and I'm a huge fan of Joe Rogan and I'm like, "Oh my gosh, this is amazing!" I sit down and I look online and all these people are like, "Terrible interview. Not worth your time. Couldn't get past the first 20 minutes." Anything like that. I'm like, what? So I go and the first 20 minutes are kind of like, eh whatever. I get done with this three-hour interview. It was like, top three interviews of all time. What's interesting is... Do you know Kanye? Like, how Kanye communicates at all? Russell: No. Josh: Okay, there's so many references that I want to use that you won't get. Kanye sees the world fundamentally differently and how Joe describes it in there and the way that I described it is... You wouldn't know this, like I said, because it's psychedelic, it's like a drug or whatever. But imagine being on a psychedelic drug in a small format at all times. That's how his mind works. He sees everything, it's like expanded. So even Kanye said, "The reason I have such a hard time communicating sometimes is because I see things in three-dimensional and then I have to put them into a two-dimensional conversation." I'm not trying to compare myself the way I think to the way that Kanye thinks, ubt this concept of people think he's beating around the bush when really he's just trying to explain something. One of the things I love doing is taking a concept that and figuring out how to describe it in a way that the average person can understand. I live in a different world, just like you live in a different world than the average person does. I live in a different world and that is by choice. I do not see the world the way that most people do. I intentionally do not want to see the world the way that other people do. Everything that I do, I will intentionally engineer where my life is different than the average person because I want to see the world differently, but I want to be able to communicate that in a way that they can understand. My question is, do you think that there's a lot of great ideas stuck inside of producer's heads that if more people understood them and thought like that, we could change the world for the better? But because they're stuck in their head and that person doesn't know how to communicate it well, or is not focused on that, that that effect never happens. Russell: Gotcha. Yes. That's why I think for me the study, this art of funnels and copywriting and story does, is so fascinating. That's what it is, right? I always pitch, like when we have an idea, in my head it's like this big granite block, right? It's like, this is the idea and give it to somebody, like, "This is the idea." You're like, "I don't get it." Right? Josh: Right. Russell: Then you start thinking about, who is it? Start chiseling away at the stone. You start chiseling, chiseling, and eventually you have this amazing statue. This thing that people can see and they can understand and they gravitate towards. I feel it's the same thing with communication or with any kind of idea you're trying to sell. The funnel is one thing. Right now, like, "Hey, you should buy my coaching programs." Why? Like, "Ah, it's too big." I need to take them to a path, simplify that. So there's a step-by-step process which is like chiseling away. Then inside each step of the process, there's the words and the stories, the things you communicate to simplify it to get more and more fine tuned. That's why for me, when we create a funnel and we launch it, it's like taking this big granite block and chiseling it down to now something that somebody can come in on the side of it go through a process. By the time they're done at the end, they're going to get some money, they're going to get a product and something's going to change for them. I think that's what marketing is. it's that process of trying to simplify the message. I think a hundred percent, that's why most ideas don't get out. I don't know, how many times have you had... This kind of comes back to talking about, who knows, an hour or two ago too, but four or five people get the same idea, but then one person executes on it. It's like the person who understands the communication the best is the one typically who gets it out, right? How much of your life or my life has been focused on the communication? I don't necessarily like that part as much. It's not my favorite part, but it's such an essential tool. I remember when I got in this game and I was trying to sell my very first product, Zip Brander. I put it up, I had a picture of it, Buy Now button and tried to send traffic, and nobody bought it. Someone's like, "Well, you need a headline," so I'm like, okay. So I put a headline. "Tell us what this does." So I found some sites that kind of modeled what they did and the people started buying it. It was learning that process of, how do you communicate? I remember thinking, I never want to learn how to write copy. That's what we all thought back then. "I don't want to write copy, I don't want to do that. That sounds horrible." I wanted to hire someone, but the people I tried to hire was expensive, it was 10 to $20,000 for a sales letter. I couldn't afford it, so I'm like, I have to learn this art and how to communicate. I'm so grateful because that's how everything we built has been, off the communication of an idea, and doing it in a way that gets people to move. Josh: How do you decide what you're going to communicate? You have a lot of ideas in your head and you have a lot of different thoughts on everything and you choose to share funnels and marketing primarily. Then you have some religion in there, which I would say probably is number two, maybe ish, of what you communicate. But that's it. How do you decide... Russell: The battles I want to choose? Josh: Yeah. Russell: What battles? That's a good question. I think part of what's interesting, like why did I want to do this interview? I read the book, it was fascinating. I don't know the answers and I thought this would be a fun way to talk it out loud. This is fascinating. Funnels are fascinating to me because I can apply it to so many things. You know when I talk a lot about wrestling, but not the community you bump into but for wrestling, I talk about that. I think it's just the ideas that fascinate me that I feel have the most fluidity and can do the most. Again, as an introverted person, I'll typically go out and have conversations with people as much as I can, but when I find something that does cause and effect, that's why I practice telling my story so many times and I'll do a podcast. I know now when I'm on stage in front of 9,000 people, the stories can get people to move because I practice it. So I think it's putting a lot of things out in the water and then seeing what things people relate to, and then I go deeper on the ones that are like, "Okay, this one had an impact." There's a lot of stuff. I remember in first version Dotcom Secrets, there were seven or eight chapters more that never got published. I was going to publish… Josh: Do you have copies of this? Russell: Yeah. It was like, all my best stuff at the time that I knew that I was going to publish it and it was all in the book. I remember I heard an interview with Tim Ferriss and Ryan Holiday... Ryan Holiday at the time and they were both talking... Anyway, they were talking about their books. Both of them said that when they write a typical book... You know, Tim Ferris's books are like this fat… My first draft was like, twice as big. It's like, to make your book go from good to great, it's not adding more. It's cutting. Like, I cut two thirds of my book to give you this one. I think it was Ryan said the same thing. The first draft is usually twice as big as the final one. Then the next section, it's cut, cut, cut, cut. I remember going back to Dotcom Secrets that night and I was like, "Okay, based on that, what would I cut and how would that do?" I cut seven chapters out and after I was done, I was so scared because I love these things, but those things aren't that important to get people what they need to actually be successful. Some of those things ended up being in Dotcom Secrets and Expert Secrets, and different places, but yeah. I wonder how that first version- Josh: I was going to say, I wonder if she just published the first day or if she had a 2,700 page book and cut something out of it. That's crazy. Okay. Back to the question in the car, and I want to tie this back to the book. How has growing a multi-hundred million dollar, making hundreds of millions of dollars having a roughly billion-dollar company, being the CEO of 400 employees, how has that changed your perspective of the world? Russell: So many things I could respond. I think there was a season of my life where I thought that if I was going to create something, if I was going to do something, the way I was going to do it, by me. Does that makes sense? Josh: Yeah. Russell: In fact, if you look at my history, the first decade of business, the businesses were about me. They were me. I was the sole owner, the sole person. On this journey, when we started, it was so different. It was like, what's the team look like? Todd was my first time I had a partner. That was so scary for me. Then it's been the greatest thing I possibly could have done. Right? Then we brought in other partners and then employees and stuff. I don't know. It's been fascinating just realizing that to build this, it wasn't about me. It was about... I don't know, just that whole thing. I think anything great, a lot of times there's a person that gets credit for it. Like, Elon Musk gets credit because whatever or Bill Gates or whoever the people are, they get the credit for it. You start really seeing how many people are involved to make something amazing. You know what I mean? I think that's the biggest thing for me as I started growing it. It's frustrating. Not frustrating for me. I enjoy it. People are always asking, "Russell invented ClickFunnels." I literally don't know how to code anything. There's not one dot of code in that word. Maybe once I leaned over Todd's shoulder, put a button in that and he had to delete it. I think it's cool that you see how many... Before Funnel Hacking Live, every time we start we bring our whole team together. I'm the one who's on stage, but I am fully aware that it is not me. This is us. If it wasn't for this team and these people, all you guys, all your contribution, this was impossible. I want to always ground that because I think sometimes the leader or whoever gets a big head where they think it's them. I see that with a lot of people who are on big stages where they still drink their own Kool-Aid so they think it's them. That's my shift in the world, just understanding the great things, the things that we remember. The things that are legacies that go on and on and on. There may be a head or a person that the branding tied too, but there's this group of people that created something amazing. That's… know what I mean? Josh: How do you stay grounded? I am a huge fan of Russell because for me, you're the person I look up to as not just, hey, you taught me how to make a lot of money, but I want to have the character that you have. I don't want to have... I look at Grant Cardone. You don't have to talk smack about Grant Cardone, but I can. Grant Cardone is really, really full of himself. Don't get me wrong. I learned a lot from Graham Cardone, especially about money. He's changed my perspective about a lot of things. I'm eternally grateful for that, but if I grew up to be Grant Cardone, where that was the focus.., I mean, I watched him, I was there at the stadium down in Miami or whatever. It was all about him. I think he even got up on stage and was like, "Oh yeah, everybody says Russell is the greatest salesman, but I'm the one that packed the house." I'm like, dude! You know what I'm saying? Why? Why is that necessary? How do you stay grounded? It's so fascinating to me to watch different types of people. I know Tai Lopez for example, for awhile there, it was all about Tai and now he's gone more behind the scenes, but each person that I watch whether it's Tai or Gary or Grant, they all have a different way about them. You have your way about them. The one that I see as the most grounded, humble... There's nobody that's looking at you. You get up on a stage and you're like, "Oh yeah, I'm Russell!" You know what I mean? Russell: Everyone awkwardly, like, "Yay." Josh: Right. Then you walk up and Grant's like... But you, it's just yeah, it's that awkward, "Hey, I'm just over here." How are you grounded in that? How do you not let it get to your head? Because it would be so easy for you to get wrapped up in your own head. Russell: Someone told me it's because of my wife. They said, "If you'd married anybody else, your head would be so big." Josh: I met your wife for the first time today. I mean, we had crossed paths, but I said when you were getting your haircut, "So what's it like being married to Russell?" She goes, "Hes just the sixth child of mine." I was like, oh boy. The big kid. Russell: That's awesome. I think I would say it's two things. We kind of talked about this earlier, but I'll tie back to it. The first one is that I am fully aware that these ideas are not mine. I didn't invent the funnel. I didn't invent any of this stuff. All I know is that I was on a path, in a journey. I was given the thing and the next thing, and I was freaking out and I was putting them together. That's part of it. This stuff's not mine. It's stuff that was given to me and tested and so I'm so grateful for that. It's never me like, "Oh, look what I invented." That's so annoying because it's not. Again, come back to these ideas, these thoughts, these desires and things that were given to us. I think that's the first part. The second part of it is, and I see this a lot in people in my world who, they had some success and then they're like, "This is my person. I made them a bajillion..." I hate that too. Like, you helped them in a piece but they did the work. I'm very careful to always when I'm talking about any of our success stories, I didn't make that person. We had this super-cool opportunity to be a piece to their journey. Right? We helped them give them some ideas and a tool, but they're the ones that killed. I don't know what it takes to build what they're building. I didn't do that. They did that. I'm grateful that they did and I'm even more grateful that I got to be a little piece of that. I got to be part of that journey. I got to see that and just have the impact of, oh my gosh. Because I killed myself and wrote those books and because Todd killed himself and wrote software and I was able to communicate it, they're able to do this thing and it's not all me. I'm fully aware it's not all me. I know what every entrepreneur has to go through to be successful and it's not a mentor who gives you everything. It's just a lot of people who are a piece. I've had mentors who gave me a piece that I'm so grateful for, but then they try to take all the credit, like, "Oh, this is when..." I hate that too. So I think those two sides. Number one is again, I don't think these ideas are something that I came up with. They were given to me and I was a good steward of them because I was able to aggregate and there's the thing. The number two is just my belief that I didn't help anyone. Even when you said, "You and Katie," I felt awkward. I didn't do anything. Josh: Right. Russell: Luckily some of the stuff resonated with you and it was a little piece of your journey. I'm so grateful for that. The fact, to see you do stuff now, it's so much fun for me to watch you. Just knowing, "Man, because he bumped into me, maybe something happened and now he's doing this stuff and this work and it's so cool seeing how you're impacting people." I think those are the reasons why I don’t think my head gets big, because I don't think it's me. I'm grateful that I get to be a piece of it, of the journey, but I'm not the creator of it. Josh: All right. I want to loop back to the book. Russell: Go ahead. Can we just read it? You guys want us to read it to you? Josh: Yeah. What was the thing that fascinated you about it though? When you've asked me, you were like, "Dude, I read it and I'm geeking out about it, I just want to geek out about it." What about it had you so fascinated? What did you want to geek out about it? I have a question that I want to ask later on about it, but what was the thing that just made you geek? Russell: There are a lot of things. I think the biggest thing that I was really excited, we talked about earlier was just… The biggest thing earlier was just this cons-... Again, for those of you who are tuning in late in here, there's the whole, it talks about greed. Right? And that concept of greed versus charity. Again, the book very much is like, greed is good, it's the thing that causes production and you should care about yourself and then good things will happen, it will create jobs and everything else will take care of as long as you're caring most about yourself. Which I thought was kind of cool but then also I had the other side with my beliefs in Christ and Christianity and all these things like that, where it's just like, how does that reconcile with faith, hope, charity and love, and serving everybody else? That's probably the thing that got me the most. I think about that a lot, especially in politics. Again, I'm not deep into politics, I'm not going to talk about who I'm voting for, not voting for, it doesn't matter. But I see that on both sides. I feel like on the Republican side you see a lot of this stuff, like this. Then on the Democrat side, you see a lot of the charity stuff. Again, in my notes I wrote this actually initially, because I wanted to talk about this. I'm a big believer that there's not a right and wrong. There's good in both sides. Josh: There's not a right or wrong side. Russell: Yeah. Things are messed up on both sides. It's how the world works. Satan, there's this eternal struggle between God and Satan and Christ, this is always happening. So there's two sides and there's God-like principles and things on the right that are amazing and then there's Satan that's twisting things and jacking them up. Same thing on both sides. I see everyone fighting tooth and nail and I bet you, if we all sat down, the majority of all issues we'd all agree on. But then it's these fringe things that causes so much hatred and fighting and just drives me crazy. I think that this book is the perfect example of what I believe so much in some of these principles, but there's also the opposite principles that I also believe in and they're both right. If you missed the beginning part of the interview, we talked more about that but the greed, the growth and contribution, that transition is the key that just fascinates me. Josh: Yeah. What parts of the book contradicted the most with your faith? What part of the books did you have the hardest time with because of your faith? Russell: Yeah. The producers in the book, the minds, the people that I connect with, because I self-identify as a producer, someone who's obsessed with production and creating. That’s why I relate with Hank Rearden, Dagny, all these people are cut from my same cloth. It's as they're growing this stuff that they didn't give back, that they didn't... That's the thing. I felt like they weren't rounded out characters and that's the biggest thing for me. The first half of the book, I want to be Hank Rearden. He's fricking the man. Like yes, that's all I want to be. I wanted to see him have that change of heart where he's Christ-like and he gives of his own free will. Not because the government came with the gun and told him he's got to pay taxes. I wanted to see his character develop and realize that, "Oh my gosh, I should be serving people because I love them. Not because of the government's force." That's the piece that I wish. Josh: It never took that turn. The book, you almost expected it and then it didn't happen. Russell: It got worse and worse and worse and then they waited until just everything... People were dying, everything collapses and then the lights in the yurt go out, wooh, and they're like, "Okay, now we can come back and build." Josh: Now we can go back and build, but even when they come back and build, it was built by our new law of basically... Actually, one of the things that's fascinating about that was... Gosh, it was towards the end. Was it Galt? I think it was Galt. Yeah, I think it was during his speech when he was like, "The minds society, we gave all this stuff to you guys basically." Trying to be like God there, but every day, we created all this stuff, we created these jobs, we created these resources. We gave it to you and all we wanted from you guys was for you to let us be in our own head. Let us, our minds be free and not be controlled by anything else. You took all that and not only did you take it all, then you said, "No, you're bad and we're going to take that away too. So we're all going on strike because of that." You relate to that so much and then it's like, yes! Then they explained how they live and it's like, you expect them to have that change of heart rather, but no. It's because we are amazing and because we are the great minds and we must live by this code. It has nothing to do with actually giving back or actually contributing to society. It was like they didn't care about contributing to society. It just happened to happen. Russell: Yeah. Which is cool, which is why again, governments should let producers produce because the byproduct is really good. Josh: Right. Russell: For everybody. So that part is so much I relate to. Part of this is probably because Ayn Rand didn't believe in God. You know what I mean? That wasn't part of her values and so it's tough because she weaved that... I just wish at the end of the book, it would have been like, and then Hank Rearden realized that he could help all these people himself and so he built orphanages and changed all these kids' lives. Like, yes! That would have been amazing. He found about OUR and he went and donated money to save all these children. Josh: Right. Russell: But he did it of his own free will because he had that change of heart. I don't want to die at the end of my days and... I produced some great jobs, but I didn't care about people. I feel like that missed the mark. Josh: Hank Rearden you say is the person you related to really most in the book? Russell: Yeah, I think so. I wanted to be Francisco though, he was pretty sweet. Josh: Who do you think I related to most in the book? Russell: Oh. Who was it? Josh: It was a relatively main one. You were close. Russell: Oh, was it Francisco? Josh: Yeah. Yeah. For sure. For sure. Yeah. Russell: He was cool. Josh: Right from the beginning he fascinated me. I knew right when, the plot twist of where he ran off and became the playboy or picture, he was obviously a playboy or whatever. I knew right then and there. I don't know what the plot, I don't know what the connection is but I know this is going to come back around and it's not going to be how it seems. The mind doesn't shift and then he stays in the scene or whatever. He fascinated me because, or he strikes me as someone... Hank Rearden didn't care about the crowds. He did not at all. He hated going to the wedding. It was by force that his wife drug him out there that one time. It was always, "I just want to work in my office." I'm actually not like that. I am actually much more the... I do like the crowds, but I don't like the crowds because I need praise. Don't get me wrong, I like being on stage and doing this type of stuff or whatever, but for me, I like the crowds because I love people. It's funny because I actually don't get along with a lot of people in real life. Whenever I go to the airport, I'm like, I will pay whatever it takes. Put me on a plane first, the least amount of people I have to deal with, whatever. I don't want to have to interact with people that I don't want to interact with. But I love studying and understanding people's minds. For me, one of the reasons I am so fascinated by Donald Trump is because of how he can control the crowds. You look at his rallies. Dude, you can't ignore them. They're just huge. My fiance's parents, or her mom and Kirby went yesterday, I think it was last night, to Omaha. 29,000 people showed up in the bitter cold of Omaha, a last-minute notice. That type of control or not even control, but that type of influence to be able to go through, what is it that makes people go and do that? So Francisco in the book, he was the partier guy and he went and he was with the crowds and he was very good with words and articulated, but he sold me at that wedding. I'm telling you. Russell: That was good. Josh: To me, there's more than two ways, but super simplified down, there's two ways to influence people. There's one, which is the indirect, which is build a software company, it's build a product, it's build an iPhone. You're not directly influencing them with your words or whatever, but it's influencing their behavior by creating a product, by creating a service that's going to go out and change the world. Then the other way is to actually go out there and change them with your words. That's why Jesus, for example, Jesus didn't build the product. He did it through His words kind of, sort of, but to me that's so fascinating. If I can figure out how to do that, that's how I can affect real change in the world. And it's funny because you've had had such a massive influence on my life, but probably a year and a half maybe ish into me knowing ClickFunnels, I was like, "Man, Russell's doing it all wrong." I had this thing of, if Russell would communicate more about stuff besides funnels, he would have a bigger impact. I had this limited belief of, this is the only way you can influence and impact people, is by going out there and actually speaking to them. But that's my superpower and my gift. In the book, Francisco was the one I think that best represents my style of trying to go out and do things. I find it interesting by Hank Rearden with you… Russell: I'm the same way. I would rather be in here building funnels, doing some stuff. There's scenes of Hank in the book where he's sitting there looking out over the factories at night and he sees, he watches the steel being poured, it's glowing. He's enjoying that. For me, it's similar where I do the stage thing and things like that. I get less value… interactions are hard, but I spend a lot of time on social media at night, just looking at the people that I know are in our world and watching what they're doing because that's me watching the steel. My mission is not to go teach people how to do what you do. I'm giving you a blow horn so you can go do it. That's more fascinating to me to sit back and explain to my wife. Events drive her crazy because then it'll happen and it'll get done and then I scurry off and I don't want to talk to anybody. I sit in the room and I just watch what people takeaways and then who they're talking to. I spend a lot of time just watching. That's for me like looking over the steel and being like, I gave them a trumpet or I gave them a blow horn and now their messages are going out there and I can just watch it. So for me, I don't want to teach personal development and this and that, but I want to empower or give tools or whatever tools there are so that you can and whoever all the other influencers are to be able to do those things. Does that makes sense? I'm an amplifier. I'm an amplifier of other people's messages and my message just happens to be, "Here's the amplification that you need to amplify your message," and then letting everybody else go and do it.
How To Relay Your Message To Customers With Krista Ripma How to make sure your message isn’t lost? Josh: Who has trouble relaying their message and being the person that they want to be from their heart? You got into business for a certain reason, and most of the time that is emotionally driven for those young entrepreneurs that are trying to make a difference. Sometimes that authentic marketing doesn't come through with your message. We've got Krista here from Authentic Audience. She's here today to talk to us about how you can get that message through in a way that resonates with your story, resonates with your customers, and ultimately gets you more sales. So, Krista, tell me, how do you make sure that your message doesn't get lost in the midst with the message of everyone else? That's also trying to make sure that they're authentic? and so on and so forth? Krista: Great place to start. So no one is you is the simple answer. So although there are lots of marketing and sales coaches out there in the world, nobody's me, so nobody's going to deliver my message in the same way that I am. So I think the first step is to ask yourself, what are your gifts, and these are the gifts that you bring into your business that you walk into a room with, that your best friend would say about you, and start from that place. So for me, my gifts are authenticity and truth. So I try and bring that into my business into my messaging and into everything I share, which sets me apart and makes me more unique and approachable. And I also think, sharing your why and sharing your story, your personal story and journey before you found x, whatever product service or anything it is that you're selling, your customer is you before you had this transformation. Get really, really specific in who you are and also who you're talking to. Finding The Right Audience That Wants To Work For You Josh: If you've got your message down pat, or maybe you need someone to see it from a distance, I found it difficult to see the forest for the trees. I thought I've got a great message. But, I've got that message from the mindset of an engineer from the mindset of someone who is very detail-oriented. So having an authentic audience, how can you make sure your audience isn't just talking bullshit? How do you make sure you get the right audience that does resonate with your message? Krista: My first suggestion is to write a letter to your dream client or your dream customer. This is like the first thing I have anybody do if you ever come work with me. Regardless whether it's a session with me or a course, we always do this, and I have you write a letter to your dream customer, because they're out there. They need what you're selling. They're listening to other podcasts. Who do they follow? What books are they reading? What inspires them? What pain points are they experiencing, the more you can get in the head of your dream client or customer and talk to them. It's amazing how quickly they start to show up every call I get on. I'm still excited and surprised who shows up because it's like you're exactly who I was speaking to and you're exactly who I made this for. Quality Over Quantity Krista: So I think a big mistake we make when we're trying to grow our audience is we want quantity over quality. And really, it should be the other way around. If you have 100 people who are engaged with what you're sharing and buying from you, that's amazing, versus 10,000 people who aren't commenting, aren't buying, aren't connecting. So the name of the game is get specific, get really, really specific. And the best way to do that is talk to this person, write a letter to this person, create a mood board, whatever it takes to really connect to and be in service to your dream customer. Be Authentic Josh: I know for my customers, I'm happy enough to say that if any of them saw me at a pub, they come over to me and buy me a beer without even saying hello, they're like "oh Josh, here you go" and you've got that perfect relationship and they know your partner's name. I'm happy to say that we do have a fantastic group of listeners, the businesses that we work with. What we found in having that is their retention rate is huge and the churn is incredibly low, so we don't lose many customers. Because we do have that relationship and because we do understand their pain points, anyone in business can really start to see it. They and feel like hey, if they know me to this level of business, if they know that I'm building this house and the direction that my business is going and not just macro but micro details about each other, you can make the right decisions and know that you are going to be putting in better solutions than your competitor. It’s Beyond Business Benefits Krista: That's a really good point that you made. It's beyond just the business benefits, it's the benefits of you, of being in your community of being in your world. And I just can't stress that enough how valuable that is, the more vulnerable, the more personal, the more real you are. And then when somebody sees you, like they come on a call, or they use your services, or see you in the pub, they feel like they know you. I do think that the more we can authentically be our full selves, the more people will resonate with that. I just can't stress enough how beautiful that is, and what an important point that is to make. When you hide behind your brand it's impossible to have that relationship with your audience. Don’t Hide Behind Your Brand Josh: Perfect what you said there, hiding behind your brand. You sit there hiding behind your brand, we have a look at Steve Jobs. And the way that he was the ambassador for the brand, people loved Steve Jobs. He owned a portion of Apple versus some of the other massive brands out there, like who resonates the same way with Google. Or the same way with McDonald's or some of these other massive brands. And it's not that they're doing things wrong, they're still working in a way, that's fine. But when you go to contact Google support, you can't find a phone number. Facebook support, you can't find a phone number, any of these large companies can't find a phone number. With Apple, you're able to go into a store and speak to someone there and really get to know them. How to Not Be a Copycat Business Josh: If you've made an entry point that the other businesses weren't doing, how can you make sure that you don't end up with a copycat business that takes the same information? You've created the same content on the web, the same scripts, it's very difficult to sort of not just have those spun and changed into something else. And for anyone out there that's listening, spinning content is where you take someone else's content, adjust some of the syllables pretty much and then make it your own, put the sentences in a slightly different way. But how can you make sure someone doesn't have that same message so that from the outset, it appears as if you are the same? Or at least they're trying to compare apples with apples before they have that authentic relationship? How can you make sure that for us in Australia, the Hungry Jack's to McDonald's, or for you guys, the Burger King to McDonald's, how can you make sure you can have that differentiator? Krista: You know, I mean, people can smell authenticity, it's crazy. I think just having that faith in our customers and in our audience that they know. For me, if somebody was trying to spin off my content, I would see that as a great sign, it means I'm doing something, right. And also, nobody's me. So you could take my script. You could have my talking points. You could have my slides, but it's not going to feel the same. And I think as a culture, we're becoming more and more conscious of who we're buying from and where our money's going. I'm seeing it in the Facebook ads, I'm running every day, like people really care, especially since COVID. This whole idea of spending and connecting and community is so big. So I think that, first of all, if you are focusing on copying somebody else, or doing what somebody else is doing, you're doing a disservice to yourself and to your customers, and really into the world. I am very spiritual. I believe we're all here with a Dharma or a purpose. And it can be really easy to see somebody else in our industry doing something and be like, oh, I'm just going to try and do that. But that's not your purpose. That's not your dharma. And so to try and do that, or change your business model, or your strategy based on somebody else's, or their posts or their content is such a disservice. If you can just try and block out that noise. One of my teachers says comparison dilutes your focus. Because when we're comparing ourselves, we're not focused on our work on our art, our flow, our process, whatever it is that we're creating. So for me, if I'm on the side of seeing somebody else trying to copy my work, I'm like, go for I. You're never going to be able to do what I can do and just own that. And secondly, if you're trying to work on somebody else's stuff, instead of focusing on your stuff, that's such a bummer, because you have amazing gifts and services that are getting lost in that process. The last thing I wanted to say when you talked about Steve Jobs, I think that's such a good example. And I say all the time and people follow people, and then they follow brands. And so just how you introduced me, Krista from Authentic Audience, and I'm the face of it, I'm the voice of it. It's not me. Authentic Audience is a beautiful company with its energy and vibe of its own. But it wouldn't have the same energy if there wasn't a face and a personality and somebody being the messenger for that brand. So when you hide behind your brand, or you don't step forward and really own it, you're actually doing the business a disservice as well. The Secret and The War of Art Josh: As the saying goes imitation is the greatest form of flattery. And it's not a bad thing, if people decide to do that, it's a good thing. And it sounds like you would have read "The Secret". Krista: I have, I've read The Secret. And my other big book that I tell people to read is the War of Art by Steven Pressfield, it's a quick read. It's a lot about resistance, and stepping into your art and like facing resistance, and overcoming that and really owning who you are, and working on your art and your purpose and your guests. And yes, The Secret, I read it a long time ago, but I feel like it really stuck. Josh: When you were saying write a letter to your ideal customer, bringing it into your world and knowing exactly what you want. And having that hyper focus makes a huge difference. Knowing that these are the people you want to work with also removes the poo customers, so to speak, the ones that you don't want to work with. Krista: Totally because they won't resonate with it. I just think energy is so real, especially in our businesses. And it's like if energy is too woowoo for you then like getting more concrete with goals and spreadsheets and getting really, really specific, like this is my dream customer. This is how many of them I want to reach this is how many sales I want to make. And this is how I'm going to go about doing that. So I always start with the goals. And then the very first action item that I have anybody do is write a letter to the person that they want to reach with these goals. And it's just it calls it in, it's like you have to put it out there. And the more you say it, the more you speak it, the more you share it, those people will just start to show up because they'll hear you. The Right Customers Are Out There Josh: That's exactly what we want. Like we want those correct people, anyone that says that they don't have enough people in business, or they can't find the right audience are probably not really thinking enough about who their right audience is. And a lot of the time and you'll hear this, everyone's my audience, everyone can work with me. And when you have that approach, I find that no one will work with you if you've got everyone working with you. It just dilutes your message and also makes you more commoditised. So if you are in a position, you've got that mindset and someone wants to start writing this letter, what are some of the attributes, you really want to make sure that they're having that hyper focus on like, I've undergone similar activities, where were we talking? Do they like golf or yachting? Or just you really go down to their hobbies? What does their weekend look like? Is that the kind of stuff that you'd suggest to go into the letter? Krista: It really depends. There's somebody out there that needs your service right now. If they were sitting across from you, what would you say to them? I mean, it's as simple as that it's what pain points are they experiencing right now that your product service or offer can solve? And how do you want to deliver it to them? The fiist thing I'll actually suggest sometimes if you don't know where to start with your letter is answering the four key questions that any business needs to be able to answer. Who are you? What do you do? Why does it matter? And what's in it for me, the customer? That's your pitch. That's your one liner. That's how you connect with people. And that's how you feel seen and engaged as quickly as possible as being able to refine those answers. So when you're writing this letter, it's who are you, you tell them who you are. You tell them what you do, you tell them why it matters, and you tell them what's in it for them. So that's always a good place to start, and then getting as specific as you can. Also, my dream client is always changing, because my business is always evolving and changing. So the person I was speaking to last year isn't who I'm speaking to now. And so I suggest people do this almost quarterly to sort of set yourself up for success. I like to work in 90 day sprints. So every 90 days are, so I like to sort of revisit this idea of who I'm calling in to hit these specific goals for the next 90 days. It truly is amazing how it happens and how quickly it happens to. Finding Customers When You Aren’t Outgoing Josh: You have to have a business plan, but they evolve as well. And I think that you should be writing them both together, you shouldn't be neglecting one or the other thing, having the business plan to know what you want to achieve is just solidifying a dream and writing down so you can have actions to get to get to the future. Knowing the people that are going to be able to have you take those actions is all about writing a letter to know exactly who you're talking to. When you've got those items in place. How do you start if you have no knowledge on how you're going to find a customer, you've never done networking, you're possibly introverted type person? Where do you find the person? Or how do you know once you've got your letter written? I know this is going to be a super difficult question to answer. So I'm going to go with this scenario. Let's say you've just finished university and you want to become own your own practice as a lawyer, or we can go with this scenario of the pie shop owner. How do you go about finding those people when you know you're a detail oriented person, very factual, but not necessarily outgoing and you need to go talk to lots of people. How would you find that audience? Krista: I'm going to assume that you're a fantastic lawyer or that you bake fantastic pies. The product is everything, so marketing and sales can't make your product better, right, it can just get it out in front of the right people and position it in a place for them to buy. But it has to be good. So let's just assume that it's good. It's the best pie in town. There are five people in your world right now, just five people that if you reached out to them, it would change your business. Right now, everybody has this, whether it's an aunt, an uncle, a friend, a cousin, or somebody that you knew from college, there are five people in your world that if you reached out to them, they would be excited to hear from you and happy to help. So I always start those there, those are your low hanging fruit. And just say, this is what I'm doing. This is what I'm offering, this is what I'm looking for. What do you suggest if you're just starting from the very beginning? Get some beta testers. I have three free slices of pie that I'm giving away today, who wants them, like DM me, write me back if you want this free slice, or this beta test of whatever it is that I'm offering. So it's always about crawl, walk, run, you don't want to just hit the gas without testing without refining. And as my partner would say, it's get one customer and get one customer, take them through your journey and make sure that they're happy customers. So you take one person, make sure they're happy, they loved your service, they love your offer, the best form of marketing will forever be word of mouth. So you make one customer happy, you'll get three more, because they'll go tell their friends, they'll go tell their partners, and the word of mouth will start coming. What marketing is online, what I do is just kind of like digital word of mouth, right? But you still need that initial organic traction, before you start running ads or doing anything crazy like that. It's like, reach out to five people get one customer make it a success. That is way farther than most people starting out will do. You're already ahead of the game if you have one happy customer. You Need to Be Sustainable Josh: I think it also gives you the confidence internally to go, okay, I've done this with one person, I can do this with another. And as you said perfectly, I don't think people get into business, and I could be wrong in this, but I don't think people get into business to go, I'm going go make shit pies and be a bad lawyer. Krista: I mean, I would hope not. I would hope not. You know, it's not sustainable. And so that's always like, when you're having trouble with sales or marketing. I'm like, well, how's your product? How's your service? Can we invest in making that experience better for people? Whenever I look at somebody's account, or website or service, I'm like, before we drive people here, let's make sure this is good. Let's make sure this is going to convert and what you're offering is super valuable, because it's way easier to keep customers then continuously finding new ones. Josh: I completely agree with that. And when you look at costs of churn customer churn, it's huge. For us, we have some pretty cool offers for our customers or for our leads, where we say, look, we'll hack into your business, if we can't hack into business, we'll give you $1,000. And we think well, that's pretty good. But if we can hack into your business, we're going to have a discussion around how we're able to do that. Krista: I love that! Josh: It's a strong call to action that says we know what we're doing. And it has some elements of discrediting the current company that wins, because business owners that need to know they aren't in the game of knowing all that they need to know about technology, all that there is out there about technology, because it's not a requirement for them. That's why they hire the experts and making sure you're making great pies. Lead With the Benefits Krista: I love that call to action, though, I think that says so much like I feel something it's risky. And it tells me that you know what you're doing? And also, I don't need to know what you do. I just need to know the benefits. And I think that's a huge mistake. So many people are focused on the features like what's included, but not the benefits, right? So I always say lead with the benefits. And I feel like that call to action right there. That's solid. I have nothing to say about that. There's always something I have to say, so that's very impressive. Josh: Only because you said that I'm going to tell you the other one that we use and that's financially backed up time. So we had to look at what our competitors were offering versus what we are offering and our competitors charges a flat rate per month for their IT support and you get unlimited IT support, we charge a flat rate. And we thought, well, that's not really a differentiator. But then we said if you have downtime, we will pay you per hour until you go back up. That's not something anyone else is doing. That means that if your business is down from a technology standpoint, it's costing you money, it's costing you downtime, it can be costing you 10s of thousands of dollars an hour, depending on the size of the business. If we say look, we're going pay you per hour if you go down. And obviously that's a scalable statement, depending on the size of their business, everyone's pulling the ship in the same direction. We want to get to make sure we're offering the best support the fastest support the best solution so that you don't go down because we don't want to be paying it. It's not a very good business model for us. Krista: I think it's great. I mean, and just the way you talk about it, it's so clear that it's authentic, right? And it's like, again, going back to that idea. Like, it's not something you can fake like seeing the way you light up about it. And you're excited to tell me about it. I personally find I.T very boring, but listening to you talk about it. I'm like, tell me more. That matters to people. When I teach my marketing fundamentals course, and the basics of marketing, it could be very boring, but I'm so excited about it, that it makes other people excited about it. And I think that's just a key point in selling and sales is if you're not excited, and you're not sharing and posting and screaming it from the rooftops how amazing your offers, why should anyone else care? Josh: Exactly. And everyone has the ability, as I say, this is a cringy sentence. But with IT, we try to squirt some sexy on it. Krista: I love that. Josh: It's what we try to do. It's not a very fun topic. It's something that people will roll their eyes over at. But it's something everyone has to have. And everyone understands the effects that has if you don't have a great marketing plan, if you don't have a great sales strategy, if you don't have your sales funnels or pipelines reformed and refined. You're not going to be able to have said sexy squirted on your business. So people out there that are probably thinking, ah, man, I want some sexy, or my business or I want to have a business, it's doing what what I wanted to be doing. But maybe they're a bit too scared. Or they might not have that creative mindset or flair to be able to really bring that laser focused message into place. I understand you got some strategy sessions, and also a course, tell us a bit about how that works. Getting Help From Krista Krista: Sure. So the two ways in which we can work together, I have a course called Marketing Fundamentals and that's the basics. So it goes through types of digital offers, a lot of people don't know, there's so many things out there, YouTube, LinkedIn, SEO, Facebook, like what should I be doing? How should I be doing it? So I break down all the types of digital marketing. Then I go into mindset, and then I go into organics, and I teach you how to build a sales funnel. So that's the basics. If you have a good audience size, if you have a great email list, and you don't know how to launch, you don't know how to price you don't know how to create your offer, or you have an offer, but you're ready to get it out there more. That's where my Strategy Sessions come in. So I do a deep dive with you. We get on and we go into everything from customer journey, pricing flow, everything across the board goals. And then we hang up and I build you a custom strategy. if you do what I say it will work. Josh: I've been in business for 13 years, and I'm still doing courses, I'm still doing refresher things, you can never know too much. Like as you said, you wanted to do something, let's say you're not doing much, or you're not doing much well through social media. So what do you go through Pinterest, or Instagram or Facebook or LinkedIn, or focusing on the AdWords strategy. There's so many different options. The only advice I could give is focus on one, not all of them. If you want more advice in that you should probably be talking to Krista there and jumping in and checking out what she has to say because it varies for every business to what the approach is. In today's day, there's no silver bullet that's going to help work for everyone. It's about working out exactly how it works for you. Krista: Yeah, that's exactly it. That's why I created these custom Strategy Sessions because I know business is the same even if you're in the same industry or strategy, depending on your needs, budgets and goals is going to be totally different. So that's why I like to dive in with you and build something that's totally tailored to you. That's like with clarity, focus and again focusing on one thing at a time that is key. Josh: If you have enjoyed what Krista has had to say make sure to jump across to Authentic Audience.co. Give us some feedback, and stay healthy.
How to Restructure Your Business With Tim Wilshire Josh: G’day everyone out there in podcast land. We've got an awesome guest for you, we've got Tim Wilshire here, who is a networking number cruncher who podcasts people's perspectives. We've got him on to talk about how to restructure your business and when the right time is to do that. So Tim, first question, how do you know when to do that? I know you've come across businesses that are started as sole traders and other businesses are looking for asset separation and all sorts of stuff. How do you know when the right time is? Tim: Okay. Thanks very much, Joshua and hello listeners. But as far as restructuring is concerned, obviously, one thing that I've done plenty of over the last 20 years at my business is restructuring our clients from one structure to another. I guess, like a lot of the answers to questions these days, the answer is, it depends. Okay? You're probably hearing that quite a lot, this is the new 2020 thing, it depends. So it depends on what the different situation is. So if they're in the wrong structure to begin with, and it's not expensive to change them into the correct structure, that's usually a good time to restructure. So let's say they're a sole trader, let's say they've been going in business for a very short space of time and income is starting to come in the door, something that may potentially sell one day, then you can no longer be a sole trader anymore. It doesn't make sense to stay being a sole trader because number one, you're not protecting your assets. If you've got assets in your own personal name, all of a sudden those assets are at risk and the more at risk, the more risky behaviour that you're doing, the more at risk those assets are when you're a sole trader, so that's definitely a time to look at structures. If you're not out of the sole trader structure, get out of that particular structure. And there are two alternatives that we sort of look at, whatever the structuring is, do you want to try it as a company or do you want to trade as a trading trust? Or a combination of both types of structure as well. So that's one, I guess, time where it's quite common when it comes to restructuring. Another time might be, okay, I'm in the trading trust at the moment, but I'm basically making too much money and it's no longer viable, unless I've got a company structure. A company structure meaning, I can type my money and I can grow the business. So, a trading trust structure may no longer be applicable to those circumstances because, selling the business because you have less options. If you're in a company structure, you've got more options, easier ways to add and subtract business partners, shareholders, et cetera. If it's a trading trust, usually good for a smaller operation, up to a couple hundred thousand dollars of profit. Once you get beyond that, a company is certainly worth considering. So that's another time to consider, okay, what's it going to cost to restructure from that structure to that? What are all the processes that I need to do? It doesn't make sense to do that. So that's probably the two main ones you're sort of looking at changing structure because of the circumstances, the current structure don't fit what you're currently doing, and your medium to long term objective. Josh: And when you say trading trust, a discretionary trust and trading trust are the same thing? Tim: Yep, yes, exactly. Josh: Cool. So, you then have cascading setups where you have trusts that own companies, which I think you touched on a little bit there. And then you have companies that are sitting by themself and then you have some people that have multiple companies and asset companies, asset protection. Why would you have that? Tim: The larger you get us as an operation, the more it makes sense to. I'm not saying complicate things, but the more it makes sense to just do things that are going to protect yourself in the best way, shape or form. What you do see from time to time, not for every client, obviously, but once the clients get big enough, they might have one entity that's the training entity and then they might have another entity that basically looks after all the assets. Those items also, you might be paying staff. How do you pay staff in the most tax effective manner? And why would you do it, not in the trading company? Separation, if you're big enough, certainly justifiable. You just got everything in one trading company basket and you're growing and growing and growing, to me, you need to review that structure and you need to say, okay, well, what can we do to better utilise what's going on there? So certainly if you've got clients that are big enough that are turning over more than a couple of million dollars a year, really need to review their structures and say, okay, well, are we in the right sort of structure? Is there something going on that we can do a bit more separation? Can we protect our assets better than what they are? The moment it's all in one basket, and that company goes down, then what? What's the plan of attack if that were to happen? If you've got another company over here doing something, important stuff, whatever, you might be able to drop one or the other. So it just gives you a few more options. Yes, it's more of a cost. Yes, it's more of an administration to be able to manage more than one, but at least you're doing things. Separating and separating the risks. Josh: Okay. And you've talked about going forward, bigger, better, or potentially more complication and more administrative overhead. Is there any times that you would be pulling that back in? Going from a company structure and then going back to a sole trader or something like that. Tim: You never go back to a sole trader, unless you're not really running a business anymore. But you may sort of downsize your operations in it, if you've got too many different structures. And I'm thinking of a client right now who had way too many different things going on, different trusts. Once you stop using that particular trust, you can close it down, sort of get rid of it. So obviously if it's not getting used, get rid of it. You should be able to probably get rid of the different things that aren't getting used properly. Obviously if your sales are coming down, you're sort of downsizing the business, getting rid of staff for whatever reason, because you're downsizing the business. And then do you need that if there's no staff? I mean, all of a sudden you don't necessarily need that. Josh: Who opens the conversation to the structure? Is this something that people should be already aware of themself, where they're talking to their accountant about it, or does the accountant say, "Hey, look, you've turned over a million dollars as a sole trader, something's not adding up here. Let's look to restructure this." Or is this something that they sort of need to jump on their own steam? Or maybe they're listening to the podcast to work out the answer. But who should be opening up that conversation? Tim: I think us, as accountants and advisors, should be opening up that conversation with our clients. We've got to be proactive, we've got to see where the opportunities exist for those clients to get things right. And we've got to take advantage of those opportunities. So get the clients to think that they need to take advantage to get those opportunities. Josh: For us, I started off as the transitioning periods, as you've said, is pretty much what we did. So when everyone was 14 and nine months old and they were off getting their McDonald's job, I was getting my tax file number and registering my first ABN number. So as a sole trader, I started off just on 15 and continued through as a sole trader for a few years until I had the trust and then the company trusts and then the company trusts and then another company, to have asset protection. And then another company again, which was around some of the different grants and advantages that you can have that are pushed out to companies that are not trading as a trust. You can optimise your tax with multiple businesses and structures, but what would be the reason you'd want to have more than one company? If not for asset protection or a government grant or something like that. Tim: Why would you have more than one? Obviously, if you've got more than one business operation actually going, you want to separate them in different trading locations. There might be one location here, there might be one location there, it doesn't always make sense to put them in the same envy. That way, if things can be sold separately, you want to be able to treat them separately. Every different division of the business, you probably should have it in its own entity. And you should try to steer away from grouping them together as well. The reason you don't want to group them together is, it's definitely more messy when it comes to returning your tax. Also, if you've tried to group GST, that's messy. And also if you're grouping them, then you're losing out on some benefits sometimes as well. A good example is the government's recent cash flow boost. If you've got just one company, then you're only going to get one lot of cashflow boosts. Whereas if you've got two companies, you're going to get more benefits rather than just one. Josh: Fair enough. And you did touch on something there about if it's being sold. So when it comes down to exit strategies, if people are looking to sell their business, when's the right time to restructure. When is the right time? You don't want it to look like you've cooked the books or changed the books around or done something funky. You want to make sure there's some historical evidence there that the business is profitable, that everything is going as you would expect it to be. When is the right time to restructure if you are looking towards an exit? Tim: You don't necessarily want to restructure until it's no longer useful. So it doesn't make sense to restructure too soon. So make sure you get to what you're trying to do before you make that choice cutting these off. Josh: So, the main reasons you'd restructure is risk mitigation, tax optimization, and to allow for things to be sold off more easily or divided out. Is that right? Tim: Yeah, I guess all the reasons that I've sort of gone through. Growing, make sure you're structuring correctly, protecting your assets. You need to minimise tax, exactly what you said. And when it comes to the next step, you get to another step, keep reviewing. What's the benefit of bringing in another entity? And everything else that we've sort of discussed there as well. Are we running more than one business operation and can we separate them out? I see clients that shove three different car washes into one entity. They're all at different locations, it doesn't make sense. Josh: I'm going to say something that I think a lot of people, maybe even yourself, are going to disagree with. Companies are generally pretty straightforward to set it up. There's not too many things you can stuff up. If there's one company and then there's another company, the company as the Pty LTD, decides the division of shares and the amount of directors, et cetera, et cetera. The actual company itself, is a reasonably straightforward container. Tim: Well, I guess it's very easy to set companies up, yes. Making sure that it's set up right still requires a bit of skill. Who are the shareholders? The shareholders are a very important part of the company and how those shares are owned are very, very important. Putting mum and dad as a shareholder is not always the best way to do it. So is setting up a trust to own the shares, a better option? That's usually what we'd recommend. We'd say, look, you should want more flexibility. It's not owned by you as an individual, it's in the trust. Then we're talking asset protection 101, as far as making sure that things are done right. Josh: When it comes down to a trust though, it seems like there's a bit more of a grey area than a company. It seems that whenever I've gone to a bank or any lending Institute, they hear that you're running under a trust, they seem to think there's more complication. How come trusts inherently appear to be more complicated than a company? Tim: I mean, with trusts, once you sort of whirl into it, it's probably not as common. To some, it may not be as complicated as what you may think. So obviously it's a great structure. We're talking about protecting assets, we're talking about planning the long term beneficiaries, kids, children, that all make sense to find out about what all the particular roles are. You just need to know what those roles actually are in a trust, and a lot of people don't know about that unless they read it. So once there's a bit of understanding, then you say, well, this is not as bad as what we thought. But again, it's complicated because it's obviously different to that of an individual sole trader, different to a partnership, different to a company. So I guess that's the stigma behind it, that it is more complicated. Just requires a bit of understanding in order to make it not feel as complicated as what its outward appearances would suggest. Josh: Were they more open to abuse in the past? Or has that been sort of tightened down a bit? Tim: Self-assessment is obviously huge. So, there's a lot of trust given to people to do the right thing. And when it comes to trust, there's no exception. So just because you set up a trust, doesn't mean you're going to get an audit or anything like that. Obviously, the audits flags are going to arise if things just don't match up or add up when the ATO are looking at the back system. The government from time to time, have said they don't want trusts, but they've never done anything about that. The labour government, before the last election, tried to make some fairly drastic changes. I guess that's where we are with that at the moment. It's not like it hasn't flown under the radar, but they haven't done anything about it. Josh: What would be the advantages to not having the structure, where you have a company and then a trust and instead, you're just running solely as a company? Tim: You're talking about the shareholder situation and also the difference between having a trust as a shareholder and having an individual as a shareholder. So, the biggest issue with having an individual as a shareholder is, company makes money, makes a lot of money, it pays all its tax, there's only one person that can actually end up with that dividend. If they want to declare a dividend or get forced to declare a dividend in some cases, then that goes to one person's particular taxable income. And that could really jump their income quite high, depending on when and how they have to deal with that situation and the profit and all that sort of stuff. Whereas a trust, at least you got more flexibility. You've got the flexibility to look at the rest of the family group. Can we allocate that dividend to somebody who's on a lower tax income? It makes sense. Three or $400 you spend extra to set up a trust. It's worth it because, yes, you might have to do some dividends and you might have to split that and do another tax return but at the end of the day, it will more than pay for itself. Josh: So if I was to be a single bachelor or bachelorette and have no one that I can distribute anything to, have no business partners, I own 100% of the shares, still having it through a discretionary trust, would still put an extra level of protection there. Tim: It does protect the amount of assets that are attributed to yourself because it's a trust that owns the company. That means that, that's not a personal asset that belongs to you. Whereas if you were the only shareholder, whatever the equity in that company, is effectively your asset. If the trust has that there, then if it's not your personal asset, so it usually can be helpful in things like bankruptcy. Josh: Okay, cool. Well, I think anyone out there that's still scratching their head and has a bit of confusion, definitely make sure to contact Tim Wilshire. He'll be able to bring some clarity and hopefully leave you with the aha moments on how things should be set up. If you want more information or want to hear more about what Tim's doing there, jump onto his podcast from the Valley. We're going to chuck some links in there so that you can check out the website, check out his podcasts and find out what you're doing wrong and how to restructure your business. Tim: Appreciate you doing this, Josh. There's something I just wanted to finish off with. In 2020, and as it was in 2014 or 2015, if you're going into business with somebody else, set it up as a company. Yes, the shares held 50/50 by different trusts or what have you, but if you go into business with somebody else, make sure it's a company. It just allows a lot more flexibility, allows a lot more growth. It sort of ticks off all the common goals that two partners going into business should be looking at when they go into business together. Josh: If you were having a Pty or LTD and you had a couple of business owners, is there a restriction or any complication if you had one of those business owners that were not from Australia? Tim: We have clients where company's are wholly owned by overseas companies, it's always possible. What's required is, the operation to be here at the central management. So the central management being in Australia, one of the directors must be an Australian resident. That's the requirement. The shares can be owned 100% by overseas entities, or 50/50 here. Josh: That's good to know. Hopefully anyone out there that is thinking about their structure, has had that aha moment and is thinking a little bit more about it, how to set it up properly and yeah, jump down to you guys to get it all sorted. Tim: Thank you very much. Josh: Cool. Well, anyone out there in podcast land, if you've enjoyed this, make sure to jump across to iTunes, leave us a review, give us some love and stay healthy. Stay good in this COVID climate.
H A P P Y - F R I D A Y ! ! - 7.12.19 - I hope everyone has had a great week, the weekend is here! I talk about the Hills, Teen Mom OG, Jane the Virgin, Josh Who share's his story with Dyslexia & Honda Indy (Traffic Starter) lol Want to Recap with the Coupon Queen Pin and I? Let's connect, You can with either be on Happily Ever After or The Other Way, let's hear your thoughts! DM for details Facebook: @alittlebitofeverythingwithme Instagram: @alittlebitofeverythingwithme Tumblr: everythingwithange Website: www.angevg.wix.com/angelica Podcast: anchor.fm/everythingwithange Youtube: A Little Bit Of Everything With Me! Podcast Song: MBB - Coconuts (Vlog No Copyright Music) Music provided by Vlog No Copyright Music. Video Link: https://youtu.be/vUXxwp8pw44 --- Send in a voice message: https://anchor.fm/everythingwithange/message Support this podcast: https://anchor.fm/everythingwithange/support
Josh and Julian are here to help. Who is Josh? Who is Julian? What is this swelling growth at the back of my head?
PC Perspective Podcast #479 - 12/14/17 Join us for discussion on NVIDIA Titan V, AMD Adrenalin, and more! You can subscribe to us through iTunes and you can still access it directly through the RSS page HERE. The URL for the podcast is: http://pcper.com/podcast - Share with your friends! iTunes - Subscribe to the podcast directly through the iTunes Store (audio only) Video version on iTunes Google Play - Subscribe to our audio podcast directly through Google Play! RSS - Subscribe through your regular RSS reader (audio only) Video version RSS feed MP3 - Direct download link to the MP3 file Hosts: Ryan Shrout, Josh Walrath, Jeremy Hellstrom, Allyn Malventano, Peanut Gallery: Ken Addison, Alex Lustenberg Program length: 1:12:23 Podcast topics of discussion: Join our spam list to get notified when we go live! Patreon 0:05:35 PCPer Mailbag #21 - Mr. Walrath, I Presume? Week in Review: 0:06:25 SilverStone Primera PM01-RGB Tempered Glass Case Review 0:08:15 NVIDIA Launches Titan V, the World's First Consumer Volta GPU with HBM2 Video: What does a $3000 GPU look like? NVIDIA TITAN V Unboxing and Teardown! Video: Titan V Gaming Performance 0:27:00 Quick Look: Corsair Gaming PBT Double-shot Keycaps 0:32:40 AMD Radeon Software Adrenalin adds in-game overlay, mobile app, wider API support 0:38:15 AD: Hello Fresh News items of interest: 0:42:00 Toshiba Launches 14TB Helium Sealed PMR Hard Drives For Enterprise Customers 0:44:25 Apple Confirms Acquisition of Shazam In Deal Worth $400 Million 0:47:55 Synaptics Unveils Clear ID In-Display Fingerprint Sensor Technology 0:51:10 VESA Introduces New Fully Open DisplayHDR Standard for LCD Displays 0:55:00 Intel Sheds More Light On Benefits of Nervana Neural Network Processor 0:59:45 HP Issues Security Patch For Keylogger Discovered In More than 460 Laptop Models 1:01:45 Jonsbo Launches Ribbed UMX5 Mid Tower Case With RGB LEDs Picks of the Week: 1:03:45 Jeremy: Decent AMD RYZEN 7 1700 deal 1:05:00 Josh: Who doesn’t need a new webcam? 1:06:15 Allyn: Authy 1:08:40 Ryan: Death Star popcorn maker http://pcper.com/podcast http://twitter.com/ryanshrout and http://twitter.com/pcper Closing/outro
Hey, folks! It's time for a very special new episode of Mousterpiece Cinema. Scott and Josh are closing out the month of September with a first: our first episode title requested by one of our Patreon pledges! And yes, you read the title correct: we're talking about the 2003 feature film The Lizzie McGuire Movie, based on the Disney Channel show starring Hilary Duff. Would you believe that this movie inspires some of the more spirited debate between Scott and Josh? Who's on the side that argues this is a charming and light depiction of a tweenage girl falling in love with the experience of traveling to Rome? Who thinks the film's too light to even be a theatrical feature? And who thinks Skype is the true trickster here for the various audio issues at play during the episode? (Sorry, but fair warning.) Listen to the new show to find out the answers to these and more questions!