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Speaker 1: Welcome to the Master of the NEC podcast, the ultimate

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destination for anyone passionate about the electrical trade. Whether you're

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a season electrician, an eager apprentice, or just someone who

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wants to dive deep into the world of electrical work,

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You've come to the right place.

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Speaker 2: Join your host, Paul.

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Speaker 1: Abernavi, a true authority in the industry with over thirty

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eight years of trade experience, as he electrifies your mind

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with in depth discussions, expertips, and valuable ensights that.

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Speaker 2: Will keep you ahead of the curve.

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Speaker 1: Each episode, Paul will illuminate the complexities of the trade,

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decode the national electrical code, and share the latest industry trends,

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all while empowering you to take your electrical career to

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the next level. So hear up, plug in, and get

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ready to supercharge your knowledge because with the Master of

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the NEEZ podcast, the power is in your hands.

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Speaker 2: Now get ready. Here is your host, Paul Abernavi. What Up,

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What Up? What up? Everybody? Welcome to another episode of

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Master the NEEC podcast, where we talk about all things electrical,

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electrical topics, construction, electrical kind of electrical driven construction. Because again,

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I don't want to go out of my area of expertise.

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But that's what we're doing here on Master the NEC podcast. Today.

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I've got a great episode for you we're going to

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talk about in the title. You know, I thought about

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the title for this episode, and I came to the

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conclusion that this title is kind of a reality check

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for many people. And you know, I'm positive about always

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wanting people to strive in their business and take their

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business to the next level and all those great things,

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and that's all great, but sometimes and I get calls

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from contractors all the time that are starting in business

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and they're struggling and they're just not getting the clients

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and and yen, the cost of doing business is expensive.

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And then they start asking me things like well do

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I get into those like Angie's lists and all those

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other things, And I say, look, we need to do

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a quick reality check. So that's what we're going to

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kind of do today. So again, don't let this topic

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run you off if you're in your business and you're

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new into the business. Again, I am very positive about

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businesses and running our business and pushing our business forward.

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But today's title is when the Dream needs a day job,

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turning a failed business into a side hustle. Now, I'm

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sure many of you have probably heard the term side hustle,

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and side hustle typically is when you have a business

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or you do something on the side that supplements what

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your day job is, which you're nine to five. And

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there's a lot of people that their side hustle it

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makes as much or more than what their day job does.

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But that's the side hustle. That's just extra money that

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adds together. So side hustles can be great for lots

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of people out there who do something and say electrical

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and they could do a little side stuff. Now, side

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hustles can be all kinds of things to bring in

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some extra money. It doesn't even need to be in

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what you do. I mean, I know people my brother

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for example, one of my brothers who who works for

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sporting goods firm, but his side hustle is that he

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does customs shirts t shirts for sporting events like softball games,

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baseball games, you know, big tournaments that they have around

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the country are well not country around Virginia. And he'll

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go to these events, set up and sell shirts with

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the logo on it from the event. So it's a

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commemorative thing that the kids and their parents, and people

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buy and take home to remember that event they went to. Right,

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So that's a that's a great side hustle for him,

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and that's what he does. It's it doesn't take the

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place of his nine to five, but it's just it's

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a great additional income. Now, a couple of things that

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we need to do here is kind of some opening

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questions that we need to you know, the elephant in

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the room type of thing. Say so, number one, at

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what point does a business stop being a startup phase

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and start becoming financial self you know, and instead it

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starts becoming a financial self destruction mechanism. Okay, at some

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point we start a business, we push hard and we

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keep going. And it's in that startup phase where you

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hear other people and me have told you, and you'll

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see other financial people that do this will say that

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you need to probably have two to three times an

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annual salary to start a business in order to be

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able to sustain that business through the startup phase. But again,

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at some point there has to be an end to

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the startup phase, whether it's six months in it, three months,

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send it, a year in whatever your finances allow. Okay,

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number two, how do you know the difference between pushing

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through hard times and simply just refusing to accept reality. Okay,

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we're gonna talk a little bit about that today, because

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again I can I can give you a real example

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of somebody and I can even give you kind of

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example of my son and in his business starting up

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his business as pool business, not electrically related. But again

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I can kind of tell you kind of how I'm

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coaching him in this process, so it can help you

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learn because I give him advice all the time on

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business and how to do things, and so it may

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be helpful to you. The next question is is it

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possible that the smartest business decision you can actually make

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when you're trying to start a business is to simply

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get a full time job and put that business on

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the burner, or move it from a business where you

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really giving it your nine to five and we all

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know electricians it's never a nine to five. But now

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you move it more to a side hustle where it's

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evenings and weekends, and you know, as you have available,

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you know there is a point in time where you

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have you're gonna have to make those decisions. Next Again,

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some of the Again, the opening things to talk about

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today is why do so many entrepreneurs treat the idea

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of getting a job like its failure. I think that's

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the number one thing that you know, even talking with

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my son and talking with other people and other contractors

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who I've talked to and helped mentor through the years,

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somehow it seems like it's failure. Right if you didn't

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get this business started, you didn't start making a bunch

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of money or enough money to pay yourself a living wage,

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and you feel like a like you've failed, and reality

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it's it may not be failure. It just may be

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a situation in the job, the outlook, the economy, what

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you're doing, Maybe the demand in the area you're doing

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is just not ready for what you're doing, or maybe

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it's oversaturation, even though you may be the best in

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the world, but people are fickle, right, And you know,

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it may be just a casualty of where you're at

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and what you're doing. The business that you're choosing to do, okay,

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But when a business idea okay, getting a full time job,

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and when the entrepreneur, you know, it feels like if

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I get that job and I move this idea of

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what I want to do for my life to a

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side hustle. They feel like it's a failure. The business

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didn't go away, right, it's just moved to the side,

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and you still work it. You still put in the hours.

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You're going to be you know, burning candles at the

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both ends. But you're still there. You still have that dream, okay.

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And of course is pride the biggest reason people don't

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keep that. People keep pouring money into a dying business.

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And this is a conversation that that, unfortunately, you have

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to have with some people in business. I know people

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that have gone for years and never made any money.

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I've had businesses where I poured money into it trying

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to get it off the ground, and it just would

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not take. You know, I've been doing this for many

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many years. I didn't just start, you know, in the

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business of of what I do yesterday. Right. So I'm

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just giving you some thoughts and how I mentor other

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tradesmen and people they call me that are on my

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mentor program. All right. So with that said, we do

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have to think about those things, and those are the

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elephants in the room. And in telling you you're not

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a failure, side hustles. Still a business, still got account

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for that income, still have to pay your taxes. It's

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just moves from primary to a side because you need

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to be pulling in that W two. It doesn't mean

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you failed. It just means that the roadmap to success

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is drawn out a little longer. But you're not draining

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everybody you love and and everybody else that may be

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helping use finances down while you're trying to strive for

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this dream that's not yet achieving what you'd like it

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to be. You can offset that loss by getting a

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job somewhere in at least getting a W two so

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you can contribute to this so that you're not just

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a burden on somebody else. Okay, now there are some

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reality check questions that we have to think about. So

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if your business hasn't paid you in a year, it

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is really a business? Is it really a business or

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just an expensive hobby. That's something that I think people

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are in love with saying they own a business. Now

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I can tell you as owning a business that has

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never been the highlight of me my career. Right, being

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a master electrician, being a dreatmman, those are highlights. Owning

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the business has never been a highlight. It's something to

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strive for, but it's never because once you own the business,

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now you're responsible for taxes and you're responsible for the

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bookkeeping in receipts, in all this stuff that you have

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to do as a business owner, and make sure you

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meet certain deadlines. And there's no slap on the wrist.

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I mean, if you don't meet certain deadlines. For example,

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if you owe taxes that come if you're a corporation

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to say, you know a March fifteenth, if you don't

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typically if you're Chapter S or something like that or c.

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You owe money, you owe it, even if you file

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an extensions something like personal taxes. If April fifteen rolls

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around and you were self employed, it's so proprior and

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you owe tax money. Maybe you're a ten ninety nine

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guy or gal and you owe money, you still owe it.

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Even if you were to file an extension on your

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taxes to October, you still owe the money to the irs.

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You still owe it. If you don't pay it, you're

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gonna get penalized. And again, I'm not a tax consultant.

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I'm not giving tax advice. I'm just telling you the facts.

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If you still owe the money. The deadline for individuals

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is April fifteenth. You still owe it. You got to

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pay it. You could still file an extension, but you

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still got to pay the money. Okay, electronic transfer or

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whatever put the money in there, you still got to

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do it. Okay, So important things to realize. But at

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some point, the reality is if you haven't paid yourself

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and you're losing money and you're sucking money from family

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members and other people, you're taking loans out on cards,

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and you're just not making any money. You're not getting

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clients and you're losing money. That's not why you win

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in business, by the way, So if you're not making

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any money, you have to set yourself a realistic timeline

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based on what you can afford to risk. Because you know,

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owning a business is a risk, but there's really there's

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a lot of reward, but there's risk. Okay, so you

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have to you have to understand that and you have

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to remember that, right so if you get you know,

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for me, I usually tell people six months if you

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don't have a couple clients or you're not starting to

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establish a full hold in six months, and you're very

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aggressive and I'm not talking about paying for pay per

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click ads like the Angie's Lists and all those kind

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of that. That's garbage, right because everybody's getting those links

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and you're all fighting for price. The only one that's

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winning is the Angie's List and the other you know

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whatever those other ones are that are making money off

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those leads. They're the only one that's winning. So I

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don't recommend doing that type of crap. I recommend you well,

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I have a whole other episode on things that I

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recommend you do as a business to get started, but

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that is not what I recommend you using those services. Okay, So,

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but at some point you're going to have to make

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the realization is this really a business or is it

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just a hobby? And as hard as that may seem

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for some people to grab onto, sometimes hobbies are expensive

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in businesses. You gotta let go. I'm just saying you

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can keep it as a hobby and hope that someday

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that side hustle hobby business turns into a full fledged

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business down the road based on all the efforts you're

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doing in the hobby. You get what I'm saying. Okay,

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So that's a reality that people have to come to.

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You have to set your realization and it's a tough

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pill to swallow because you got an electrical contractor, let's

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say he goes out in business six months into it.

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Just money is leaking out like a sieve. It's just

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you have to make that decision to say, you know what,

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I'm not getting rid of the company. I'm just gonna

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push it to a side hustle. I'll do weekends and

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evenings and whenever I can get the time. But I

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need to work for somebody else and make some money.

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That's reality. That's where we are in the world. Now.

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How many months of losses should someone realistically tolerate before

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doing this reassessment of the business. My belief is six

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to eight months. Write about six months if you do

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it right and use marketing on Facebook and you're putting

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your ads and you're running your ads, and you're doing

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follow ups, and you're doing next door and you're doing

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you get your Google listing, you get your Being listing,

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you get your Yelp listing, you're doing all these type

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of things and you're really working it that way, not

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that pay for link crap. If you're really working that

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if you're going out and beaten the streets. You're giving

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out business cards, you're doing flyers, you're using uh, let's

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say Google Earth. If you're pool business like my son

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looking for pools in the area, using Google Maps, things

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like that or Google Earth and kind of because they'll

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give you addresses on that in honing in on where

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to go, drop and make visits and really hustle. You

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got to work a business that old say, and you

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build it and they will come. That's bullshit. That's total bullshit.

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And if people say, no, I've made it happen, No,

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you didn't. What you did is you had somebody give

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you a turn key or you had somebody says, look,

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if you go into business, I'll give you the business.

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That is not the same as starting a business from

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scratch and having nothing. Okay, don't fool yourself. It's a

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big difference. I'm not saying it's not nice to have

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that bump, because it is nice. Yeah, I'd like to

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always in business, you'd like to have that bump. But

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let's be real. Now, if your spouse or family are

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the ones that are financially supporting your business, the question

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you really have to ask yourself, are you really running

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a business again or is it just a hobby that

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is sucking your family dry? And there's nothing worse than

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destroying a family is financials. Again, we tell people all

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the time, politics, religion, and financial discussions are the number

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one things that ruin families. Okay, financial is the worst,

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the worst. And so you know, you can't blame your

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family if they cut you off. You can't blame if

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people won't talk to you in your family because you

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did it. They're not in business. You're in business. Hell,

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at least you should be thankful they loved you enough

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that they're going to contribute to the business in the

285
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hopes that you succeed. But if you redo a reassessment

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and it needs to be moved to a side hustle,

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then you'll be taking less money from family, less money

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from people that's financially supporting you, and you're able to

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work and support your family. You get what I'm saying is,

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don't be upset at the family or the spouse or

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the other people, because you know what, it's normal. They

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don't have the same dream as you, but they do

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dream for your success, right, so it's important that you

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evaluate that and understand it. If you have to move

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something to a side hustle and go back. It's not

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a shame, it's okay. It's fine. Your business didn't go anywhere.

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It's just you're not dedicated eating the same amount of

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time to it because you need to work in a

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regular job. Now here's the deal. When you start borrowing

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money from family to keep a business alive, it already's

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crossed the line. Now I'll give you example for my son. So,

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00:17:16,839 --> 00:17:19,799
my son's in a pool business. I'm financially supporting him

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in his effort to build a pool business. Y'all know

304
00:17:24,160 --> 00:17:26,960
the history there. I love him, I want to see

305
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him succeed. I'll do everything I can to try to

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help him succeed. But he's in an area where there's

307
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just not a lot of pools. It's not like you're

308
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in Texas anymore. And you're in Virginia, Central Virginia, so

309
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it's feast or famine, and there's already some established pool

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cleaning and servicing maintenance folks. So it's going to be

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a tough haul for him, but I want him to succeed.

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I've created all kinds of tools to help him succeed.

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He's got to get out there and do the lea work,

314
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lead work. But six months comes in middle pool season

315
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come June July. If he doesn't have some established clientele

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that he's doing weekly, then we're gonna have to have

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a serious conversation. I'm not saying get rid of the business.

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I'm just saying, now it becomes a side hustle and

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you need to get a full time job somewhere and

320
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don't give up on your dream. It's just it right now.

321
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You can't keep taking from your family. You need to

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be self sufficient for your family. Okay, because he's got

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a child and a wife and what you get what

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I'm saying. So these are real realities if anybody out

325
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there that's listening that are dealing with that same situation.

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You want to help somebody succeed, but there's only so much.

327
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Pockets are only so deep, you get what I'm saying.

328
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But at the point where you're taking money from family,

329
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unless the family's the one that's funding your effort for

330
00:18:51,680 --> 00:18:54,200
a while, then at that point do you really have

331
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a business that type of scenario. Now, I guess the

332
00:18:58,680 --> 00:19:01,240
other reality check question, and is there a point where

333
00:19:01,279 --> 00:19:07,480
continuing a failing business venture becomes irresponsible to your family. Yes,

334
00:19:08,799 --> 00:19:11,920
these are supposed to be people you love, right, So

335
00:19:12,240 --> 00:19:16,319
if you take money from family yet you're losing it,

336
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then you're losing and they're losing. And why should they

337
00:19:20,039 --> 00:19:23,200
lose money? Why should they worked hard for that dollar

338
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and you're just taking it in a failing venture. The

339
00:19:26,799 --> 00:19:28,839
smartest thing you can do is step back and say,

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you know what, Hey, this isn't working the way I

341
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wanted it. I'm going to find a job. I'll do

342
00:19:34,799 --> 00:19:38,440
anything to feed my family. Okay, I'll shovel crap if

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00:19:38,440 --> 00:19:41,119
that feeds my family. But I'm not giving up on

344
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my dream. I'm just putting it on the side here

345
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and working it at my available time. I need to

346
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focus on making money. That doesn't mean I give up

347
00:19:50,359 --> 00:19:53,799
on the dream that's so important. And I just don't

348
00:19:53,839 --> 00:19:56,400
want people to take away from this giving up on

349
00:19:56,440 --> 00:20:03,480
the dream because you're not. Okay, you're not. I guess

350
00:20:03,559 --> 00:20:06,680
the next step that we logically have to talk about

351
00:20:06,839 --> 00:20:11,799
is the ego thing very much driven in men than

352
00:20:11,799 --> 00:20:16,400
it is women, this ego thing versus reality. I guess

353
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the questions in the room are, why do entrepreneurs sometimes

354
00:20:19,680 --> 00:20:25,480
confuse stubbornness with determination? There's a difference. Being determined to

355
00:20:25,519 --> 00:20:27,559
do something and putting all of your efforts into it

356
00:20:27,640 --> 00:20:30,440
are so much different than doing it when you know

357
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it's a failed effort. The way you're doing it and

358
00:20:33,720 --> 00:20:39,720
not admitting that it's time to shift gears, that's stubbornness.

359
00:20:40,119 --> 00:20:48,160
That is not dedication. Big difference. Next, ego versus reality check.

360
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Is quitting the wrong business actually a smart entrepreneurial move. Yes,

361
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if you're trying to do a business and it's not successful,

362
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then you cut it. I'll give you example. Many years ago,

363
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many people know I owned a boarding kennel, grooming and

364
00:21:06,880 --> 00:21:09,720
boarding facility. My wife ran it. I had the electrical

365
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contracting and everything out of it, and engineering design assistance

366
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and all this kind of stuff. And I traveled around

367
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the country teaching for eaton cutler hammer and all this

368
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kind of stuff. And we started a business out of

369
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the kennel, and that business was spraying for fleas and

370
00:21:32,920 --> 00:21:35,000
ticks in an area where there was a lot of

371
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places and ticks. So we had all the equipment. We'd

372
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go out, we'd fum a gate and fog a yard

373
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and do follow up visits. And you know, it was

374
00:21:42,200 --> 00:21:45,359
a big deal because you know, fleet fleas ticks, and

375
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we were in an area in Virginia over in the valley,

376
00:21:49,000 --> 00:21:53,039
over in the Shenandoah Valley that was very prone for this.

377
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We thought it was a great idea. We did some homes,

378
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they loved it, but as much as we advertised it,

379
00:22:03,279 --> 00:22:05,400
it just didn't gener And we had a kennel, so

380
00:22:05,480 --> 00:22:09,000
we had an everyday source of customers coming in business,

381
00:22:09,039 --> 00:22:11,920
coming for the grooming and the boarding. You know, people

382
00:22:12,079 --> 00:22:16,759
just they just didn't wouldn't do it, and so at

383
00:22:16,799 --> 00:22:21,440
some point we had to say that's it. Cut that business,

384
00:22:21,599 --> 00:22:27,519
that subsidiary. It would just cut it and just get

385
00:22:27,599 --> 00:22:30,000
rid of it. Another example of that is I had

386
00:22:30,000 --> 00:22:32,200
a business years ago. You can still google it online.

387
00:22:32,319 --> 00:22:35,440
Radio pet I helped. I was one of the original

388
00:22:37,480 --> 00:22:41,200
designs in part of the development of underground pet fences

389
00:22:41,240 --> 00:22:43,759
and some features and technologies, and I had a partnership

390
00:22:43,759 --> 00:22:46,200
with the company out of Ireland and we were doing

391
00:22:47,559 --> 00:22:51,160
probably overall a couple million a year. Back then. It

392
00:22:51,240 --> 00:22:54,319
was doing great. We had money in the bank. Everything

393
00:22:54,359 --> 00:22:56,279
was going good. And it was not a side hustle.

394
00:22:56,319 --> 00:23:02,880
It was a legitimate division of Canine Canine what was it,

395
00:23:02,960 --> 00:23:06,240
Canine groom In Incorporated was our corporation, so it was

396
00:23:06,640 --> 00:23:11,400
a division of that. It was doing amazingly well. Then

397
00:23:11,440 --> 00:23:13,720
all of a sudden we had a disagreement. I couldn't

398
00:23:13,720 --> 00:23:16,599
get access to components to fixed units. And they were

399
00:23:16,599 --> 00:23:18,480
in Ireland, we were in the US. And at some

400
00:23:18,640 --> 00:23:21,880
point I had committed to advertising nearly a million dollars

401
00:23:21,880 --> 00:23:24,240
worth of advertising that I had committed to because I

402
00:23:24,279 --> 00:23:27,279
thought we had a partnership, a handshake deal. Well, they

403
00:23:27,319 --> 00:23:30,440
screwed me, and guess what I had to eat that

404
00:23:30,759 --> 00:23:33,039
and I ended up paying nearly a million dollars to

405
00:23:33,079 --> 00:23:35,640
buy off the contracts because they wouldn't let me out

406
00:23:35,640 --> 00:23:39,519
of these contracts I signed where my partner said, please

407
00:23:39,640 --> 00:23:42,720
go ahead and sign these. We're a partner, we handshake.

408
00:23:44,119 --> 00:23:49,440
Never do a handshake, hey, just especially if it's any

409
00:23:49,480 --> 00:23:52,240
significant amount of money. Get it on paper. Today it's

410
00:23:52,240 --> 00:23:54,440
so easy to have a contract with CHET GTP or

411
00:23:54,480 --> 00:23:58,119
anything like that. It's don't do it. The handshakes don't work.

412
00:23:58,160 --> 00:23:59,759
It always come back to bite you in the ass.

413
00:24:00,119 --> 00:24:03,920
But I was young and I did it, and anyway

414
00:24:03,960 --> 00:24:08,920
it ruined it. So what was the smart move? Smart

415
00:24:08,960 --> 00:24:11,400
move was to close that damn business. And that's what

416
00:24:11,440 --> 00:24:16,359
I did. That was the smart move. I owned the trademarks.

417
00:24:16,480 --> 00:24:19,039
I could have gone to China and had it made

418
00:24:19,119 --> 00:24:21,200
and continued it in the US because I had rights

419
00:24:21,200 --> 00:24:24,839
in the US and Canada. But I did the cost

420
00:24:24,880 --> 00:24:27,359
analysis and looked at it and looked at the competition.

421
00:24:27,480 --> 00:24:30,519
At the time, you had competition was you had pet stop,

422
00:24:30,680 --> 00:24:36,039
dog watch, pet fence, no tech, invisible fence. God, there

423
00:24:36,079 --> 00:24:38,759
was just those of them. And I was like, dude,

424
00:24:38,759 --> 00:24:43,119
is I'm competing against companies like Radio Systems Corporation that

425
00:24:43,160 --> 00:24:50,200
were mega giants, right, So it's just what was the

426
00:24:50,279 --> 00:24:52,160
What would be the point? I would just be hemorrhaging

427
00:24:52,240 --> 00:24:57,880
money at this point. So I shut it down, very lucrative,

428
00:24:58,160 --> 00:25:01,519
shut it down, great margins in that business. Sometimes you

429
00:25:01,559 --> 00:25:03,720
have to make those decisions. Does that mean I'm a failure,

430
00:25:04,440 --> 00:25:08,400
Absolutely not. It just means I'm smart. I took the

431
00:25:08,480 --> 00:25:11,079
right decision. I made what I made. I lost what

432
00:25:11,160 --> 00:25:12,960
I lost. I licked to my wounds, and I kept

433
00:25:12,960 --> 00:25:16,880
going because as a subsidiary, I did not want it

434
00:25:16,920 --> 00:25:22,279
to affect the main corporation. So I had to sever

435
00:25:22,440 --> 00:25:25,519
it where necessary in order to keep my main corporation,

436
00:25:25,839 --> 00:25:29,000
which had the Kennel had the building, the property, the land,

437
00:25:29,720 --> 00:25:32,319
everything else, the electrical all was wrapped up into one.

438
00:25:32,880 --> 00:25:37,960
I had to do that to keep it from hemorrhagy. Okay, Now,

439
00:25:38,039 --> 00:25:41,920
how much of an entrepreneurship is about knowing when to

440
00:25:42,079 --> 00:25:45,119
pivot or pause. Some of the best entrepreneurs in the world,

441
00:25:45,119 --> 00:25:46,519
and not just because they start a business, but they

442
00:25:46,559 --> 00:25:48,680
understand when to paul something, move it to a side hustle,

443
00:25:48,759 --> 00:25:54,519
or pivot from it into something else. Okay, there's so

444
00:25:54,680 --> 00:25:56,960
many people out there that are listening to this podcast

445
00:25:57,039 --> 00:25:59,119
that work for somebody who think they know what they're

446
00:25:59,160 --> 00:26:02,279
talking about. Those Facebook group folks that'll say I know

447
00:26:02,319 --> 00:26:05,240
what I'm talking about. You don't know shit. You really don't.

448
00:26:05,240 --> 00:26:07,400
So you can't wear the same shoes at somebody like

449
00:26:07,480 --> 00:26:15,799
me who's had three corporations, built businesses, sold businesses, transitioned businesses,

450
00:26:16,000 --> 00:26:19,160
moved businesses from one state to another. You can't relate

451
00:26:19,279 --> 00:26:22,799
to that. But you business owners out there can relate

452
00:26:22,839 --> 00:26:25,359
to it. Not some whack job out there on social

453
00:26:25,440 --> 00:26:27,440
media who wants to talk about what they would do

454
00:26:27,519 --> 00:26:29,480
if they had a business, or what they do on

455
00:26:29,519 --> 00:26:33,400
the side. That's not a business to them. Okay, they

456
00:26:33,440 --> 00:26:36,880
work nine to five for somebody else. Stop calling yourself

457
00:26:36,880 --> 00:26:40,319
a business. Now. If you have a side hustle and

458
00:26:40,400 --> 00:26:42,640
it was a business that you transitioned and all you

459
00:26:42,640 --> 00:26:46,960
did was micro size it, you steal a business. That's

460
00:26:47,000 --> 00:26:48,759
not the same as me working for some nine to

461
00:26:48,799 --> 00:26:50,400
five and then somebody calls me and asks me to

462
00:26:50,440 --> 00:26:53,720
come wire their basement. That's not a business. Yes, it's

463
00:26:53,759 --> 00:26:56,400
a side hustle, but that's not a business that you

464
00:26:56,480 --> 00:27:00,440
put on the side. I'm hoping you can under stand

465
00:27:00,440 --> 00:27:02,440
the difference in the two. For all those haters out

466
00:27:02,440 --> 00:27:05,039
there who will say something smart ass about it, you're

467
00:27:05,119 --> 00:27:08,319
not in business. You have no idea. If you've never

468
00:27:08,359 --> 00:27:12,160
paid taxes, okay, if you've never paid payroll, you've never

469
00:27:12,240 --> 00:27:14,759
done any of that, then you've never been in business.

470
00:27:14,799 --> 00:27:17,079
So don't don't try to lie to yourself. Okay, don't

471
00:27:17,079 --> 00:27:20,240
fool yourself. The best entrepreneurs in the world know how

472
00:27:20,279 --> 00:27:28,519
to pivot or pause or transition. Now do social media

473
00:27:28,599 --> 00:27:32,759
success stories make people feel like they must grind forward

474
00:27:33,359 --> 00:27:36,720
even when it's not working. So that's another big thing

475
00:27:36,759 --> 00:27:39,119
that I see all the time is it's kind of

476
00:27:39,160 --> 00:27:42,039
like Facebook and people you went to school with, right

477
00:27:43,240 --> 00:27:46,000
how many times have you seen something on social media

478
00:27:46,039 --> 00:27:49,039
from somebody you know and their life just looks so perfect? Right?

479
00:27:49,880 --> 00:27:52,200
Every post they post is them with their kids or

480
00:27:52,240 --> 00:27:54,400
their family, and it's like you look, you go, I

481
00:27:54,440 --> 00:27:57,599
wish I wish I had that life, right, you know,

482
00:27:57,720 --> 00:28:00,720
you look at it and go, oh, oh that's what

483
00:28:00,799 --> 00:28:03,960
I want. But see, you don't see the behind the

484
00:28:03,960 --> 00:28:07,160
scenes they only post. Nobody wants to post the negative

485
00:28:07,200 --> 00:28:10,920
side of life on social media. It's always the positive side,

486
00:28:10,960 --> 00:28:15,400
and that's fine. Reality is, everybody's got demons, everybody's got troubles,

487
00:28:15,440 --> 00:28:17,759
everybody's got issues. They just don't want them to be

488
00:28:17,839 --> 00:28:20,359
the forefront. And then there's some of us who share

489
00:28:20,440 --> 00:28:23,640
our shit twenty four to seven. It doesn't matter. The

490
00:28:23,640 --> 00:28:25,839
reality is you can't believe a damn thing you read

491
00:28:25,880 --> 00:28:28,720
on social media. You can't believe anything that's said there

492
00:28:28,759 --> 00:28:35,079
because it's it's combed through, it's cultured. It's not reality, right,

493
00:28:36,920 --> 00:28:40,880
So people that go on there. I saw a social

494
00:28:40,880 --> 00:28:43,319
media pick with a guy goes I got sixteen million

495
00:28:43,400 --> 00:28:46,319
views on this video. We went viral and I made

496
00:28:46,359 --> 00:28:48,319
this this this, and I'll show you how. And then

497
00:28:48,359 --> 00:28:50,839
you go look at his profile and he's got five followers.

498
00:28:51,319 --> 00:28:57,200
He's got five. Really, that's the reality you're in. He's

499
00:28:57,200 --> 00:28:59,079
full of shit, and he was just doing it for

500
00:28:59,160 --> 00:29:02,359
clicks because that's what they do. That's how they make

501
00:29:02,400 --> 00:29:06,519
their money. Okay, and that says influencer shit. Did y'all

502
00:29:06,559 --> 00:29:09,480
know how I feel about it? Okay? But but but

503
00:29:09,559 --> 00:29:12,359
let's go beyond that. We're talking about your business. So

504
00:29:12,759 --> 00:29:17,759
I've seen businesses that post on the social media's Facebook, Instagram,

505
00:29:17,839 --> 00:29:20,480
all of them like they're just killing it, dude, They're

506
00:29:20,519 --> 00:29:23,119
doing so much business. But in reality, they're they're they're

507
00:29:23,160 --> 00:29:28,480
they're leaking, like a rusted out World War two ship

508
00:29:29,319 --> 00:29:35,440
sitting at Pearl Harbor. Okay, is it's not it's it's

509
00:29:35,519 --> 00:29:38,880
what the face they put is not the reality. You

510
00:29:38,920 --> 00:29:45,000
get what I'm saying. Okay, So now let's talk about

511
00:29:45,720 --> 00:29:48,799
the positives. What can I offer you? Okay? I took

512
00:29:48,839 --> 00:29:50,920
all this time, like twenty nine minutes to get to

513
00:29:50,920 --> 00:29:52,759
what we can talk about. So let's talk about side

514
00:29:52,839 --> 00:29:59,079
hustle strategies and answer some questions. First, why is running

515
00:29:59,119 --> 00:30:02,519
a struggling business. Turning a struggling business into a side

516
00:30:02,559 --> 00:30:08,039
hustle often the smartest move? Well, because you get to

517
00:30:08,640 --> 00:30:12,279
focus on the time that's dedicated to that side hustle

518
00:30:12,559 --> 00:30:14,920
as a business. In other words, if I have Mondays,

519
00:30:14,920 --> 00:30:18,200
and if I have Sundays and Saturdays available in evenings,

520
00:30:18,480 --> 00:30:22,440
then I get to perfectly tailor my schedule to things

521
00:30:22,440 --> 00:30:24,880
that I might get from you know, small jobs here

522
00:30:24,960 --> 00:30:28,240
there into this side hustle mentality, and it allows me

523
00:30:28,319 --> 00:30:33,200
to be more focused because my Monday through Friday nine

524
00:30:33,200 --> 00:30:36,039
to five grind is where I have to come in

525
00:30:36,119 --> 00:30:42,119
and punch the clock. But that side hustle is more manageable, Okay,

526
00:30:42,880 --> 00:30:45,119
rather than having one or two jobs in a week

527
00:30:45,160 --> 00:30:47,559
and you're barely making it. You got an income coming

528
00:30:47,599 --> 00:30:49,759
in in a w two, but you got one or

529
00:30:49,759 --> 00:30:51,759
two jobs that you're doing as a side hustle becomes

530
00:30:51,880 --> 00:30:55,359
in addition to your weekly pay. That's a beautiful thing.

531
00:30:55,480 --> 00:30:58,839
That's exactly what a side hustle is all about. Now,

532
00:30:58,880 --> 00:31:00,720
if it blows up and you like, dude, I can't

533
00:31:00,720 --> 00:31:03,079
handle it. I'm getting fifteen twenty thirty job forty, then

534
00:31:03,119 --> 00:31:05,599
you can transition back to being at your full time job.

535
00:31:05,640 --> 00:31:08,960
Nothing says you can't go back to doing it full time.

536
00:31:10,000 --> 00:31:12,759
I think that's where people they feel like reducing it

537
00:31:12,759 --> 00:31:16,920
to a side hustle is a failure. Next, what are

538
00:31:16,960 --> 00:31:20,319
the advantages of building a business while working at a

539
00:31:20,319 --> 00:31:25,000
stable job. Because you're making money, you're not leeching off

540
00:31:25,000 --> 00:31:27,720
of other people, You're able to start paying your bills,

541
00:31:27,880 --> 00:31:31,880
be up on time. But your side hustle has advantages, folks,

542
00:31:32,119 --> 00:31:35,200
because it's still a business. Guess what, You still get

543
00:31:35,200 --> 00:31:40,319
to write off things. Yeah, yeah, you still get to

544
00:31:40,319 --> 00:31:43,319
write off the gas, anything you might buy. For that

545
00:31:43,359 --> 00:31:49,279
side hustle. You still are gathering expenses. So's there's business advantages.

546
00:31:50,359 --> 00:31:55,599
Okay to having that side hustle. There are advantages, and

547
00:31:55,720 --> 00:31:58,519
you're spending less time in it, and so time is money,

548
00:31:58,880 --> 00:32:02,559
money is labor, and it all translates to being much

549
00:32:02,599 --> 00:32:05,839
more efficient for that business. That still doesn't mean you

550
00:32:05,880 --> 00:32:08,039
can't take ten minutes to send emails. It doesn't take

551
00:32:08,079 --> 00:32:11,319
ten minutes to send out email flyers to a newsletter.

552
00:32:12,000 --> 00:32:13,960
When you're in a neighborhood, you're doing a business, and

553
00:32:14,000 --> 00:32:15,880
you're on lunch break, you can start handing out some

554
00:32:15,920 --> 00:32:19,039
cards in the neighborhood. You get what I'm saying. It

555
00:32:19,200 --> 00:32:21,319
just causes you to focus a little better. You didn't

556
00:32:21,319 --> 00:32:26,240
get rid of the business. You're just refocusing. Now, how

557
00:32:26,279 --> 00:32:29,240
does having steady income actually help a business grow smarter?

558
00:32:29,400 --> 00:32:32,759
Because you're not taking from other people, You're meeting your expenses,

559
00:32:32,799 --> 00:32:34,880
you're working a nine to five, you're getting a W two.

560
00:32:35,000 --> 00:32:37,720
That money goes in your savings account. That's the money

561
00:32:37,759 --> 00:32:43,400
that you use to help build your business. And if

562
00:32:43,440 --> 00:32:45,640
you buy something for your business, you're still going to

563
00:32:45,680 --> 00:32:49,440
get to write it off. Do you get what I'm saying,

564
00:32:50,680 --> 00:32:54,920
don't give up on the dream, just reshift your thought process. Now,

565
00:32:56,200 --> 00:32:59,039
why do many successful businesses start as a side hustle

566
00:32:59,200 --> 00:33:01,240
rather than the full time venture. I'm gonna tell you

567
00:33:02,359 --> 00:33:06,759
how this works. I know many contractors who work for

568
00:33:06,759 --> 00:33:09,640
somebody else but started a side hustle, made some connections,

569
00:33:09,680 --> 00:33:11,480
started doing a lot of work on the side, and

570
00:33:11,519 --> 00:33:13,759
the next thing you know, they're so overwhelmed that they

571
00:33:13,839 --> 00:33:15,720
had to make it their full time job because they

572
00:33:15,720 --> 00:33:19,440
couldn't meet the demands of a side hustle. And in fact,

573
00:33:19,759 --> 00:33:23,039
your daytime job Monday through Friday, started getting in the

574
00:33:23,079 --> 00:33:26,400
way of your side hustle, and your side hustle starts

575
00:33:26,400 --> 00:33:28,920
making you more money than your day job. It's time

576
00:33:28,960 --> 00:33:32,440
to shift. Does that mean that you never go back

577
00:33:32,480 --> 00:33:35,000
to a day job working for somebody. No, it's always

578
00:33:35,000 --> 00:33:38,039
on the table. Hey, is this no shame in my game?

579
00:33:39,279 --> 00:33:40,920
I'll go back to it. I'll do whatever it takes

580
00:33:40,960 --> 00:33:43,079
to feed my family. Dude. If y'all haven't figured that

581
00:33:43,119 --> 00:33:45,480
out by now, that I'm always creating stuff that I'm

582
00:33:45,599 --> 00:33:47,960
very entrepreneurial. I'll do what I got to do to

583
00:33:47,960 --> 00:33:49,440
feed my family. If that means I got to go

584
00:33:49,440 --> 00:33:52,000
to work for somebody and dig ditches or shovel dog shit,

585
00:33:52,240 --> 00:33:54,160
I'm gonna do it. If I've got to put food

586
00:33:54,160 --> 00:33:58,000
on my plate to feed my family, I'm not so

587
00:33:58,960 --> 00:34:01,799
you know, I can be humble that very easily. Okay.

588
00:34:02,759 --> 00:34:04,720
If you have a misconception about me, you need to

589
00:34:04,720 --> 00:34:06,839
get over it because I do what I need to

590
00:34:06,839 --> 00:34:12,920
do to feed my family. Okay, remember that, all right?

591
00:34:13,639 --> 00:34:17,199
What else here? Okay? Next? Is it better to grow

592
00:34:17,360 --> 00:34:22,519
slowly with stability rather than focus growth with debt? Absolutely.

593
00:34:23,679 --> 00:34:26,440
Building it as a side hustle business allows you to

594
00:34:26,440 --> 00:34:28,599
put less money in it and be more focused on

595
00:34:28,840 --> 00:34:33,039
what I call gorilla marketing techniques to grow your business

596
00:34:33,280 --> 00:34:35,519
while you're still pulling a paycheck and putting money in

597
00:34:35,519 --> 00:34:37,599
the bank and paying your obligations and bills doesn't do

598
00:34:37,679 --> 00:34:39,480
you any good to start a business, and the next

599
00:34:39,480 --> 00:34:42,519
thing you know, your personal finances go to shit, or

600
00:34:42,519 --> 00:34:45,280
your family relationships or people that invest or help you,

601
00:34:45,639 --> 00:34:49,360
the relationships go to shit. I had one time somebody

602
00:34:49,440 --> 00:34:52,039
I lent them five hundred dollars for something. They bug

603
00:34:52,199 --> 00:34:54,760
the shit out of me. The people were ignoring as hell.

604
00:34:54,800 --> 00:34:56,760
They weren't family with somebody I know, A friend of

605
00:34:56,800 --> 00:34:59,719
mine bug the shit out of me for five hundred dollars,

606
00:34:59,760 --> 00:35:02,960
so so much so that I was so tired to

607
00:35:02,960 --> 00:35:05,440
see his number pop up on the phone. Finally I

608
00:35:05,440 --> 00:35:07,960
gave him that five hundred dollars. I said, well, okay,

609
00:35:08,000 --> 00:35:10,199
well I expect you to pay me back in two weeks.

610
00:35:10,800 --> 00:35:13,639
I never have heard from that friend again. Now you

611
00:35:13,719 --> 00:35:15,559
might say, well, I'm gonna go out and try to

612
00:35:15,559 --> 00:35:17,199
get that five hundred dollars back, but I'm gonna be

613
00:35:17,239 --> 00:35:18,840
honest with you. It's the best day of five hundred

614
00:35:18,840 --> 00:35:21,239
dollars I've ever spent because that wasn't a friend. That

615
00:35:21,400 --> 00:35:24,000
was a moocher. And if it cost me five hundred

616
00:35:24,039 --> 00:35:26,480
dollars to make that bastard go away, guess what I

617
00:35:26,559 --> 00:35:28,840
came out ahead, because now I don't see him popping

618
00:35:28,960 --> 00:35:31,400
up on my phone. He's not texting me because he's

619
00:35:31,480 --> 00:35:33,440
running from me because he don't have the five hundred dollars.

620
00:35:34,519 --> 00:35:38,440
Do you get what I'm saying. I'm laying down some

621
00:35:38,519 --> 00:35:41,840
reality for you. Hopefully you get it all right. Now,

622
00:35:41,920 --> 00:35:45,000
let's talk about financial responsibility here as a business. Now

623
00:35:45,719 --> 00:35:49,039
what financial signals tell you? It's time to stop treating

624
00:35:49,159 --> 00:35:51,800
something like it's a full time business when you can't.

625
00:35:51,880 --> 00:35:55,320
When you're taking money from family and you're not more

626
00:35:55,400 --> 00:35:58,440
is going out than's coming in, and your bills are

627
00:35:58,480 --> 00:36:00,320
still there and you're not able to pay them without

628
00:36:00,320 --> 00:36:02,519
reaching your hand out for somebody else to help you

629
00:36:03,239 --> 00:36:07,159
because you've got no savings. Unless you're doing a situation

630
00:36:07,199 --> 00:36:09,639
where somebody's helping you for six months and then they say,

631
00:36:09,679 --> 00:36:12,239
after six months, if you haven't established this thing, then

632
00:36:12,280 --> 00:36:16,000
I can't help you. Right then, it's time to realize

633
00:36:16,000 --> 00:36:18,880
the reality. This is not a business. You keep it

634
00:36:18,880 --> 00:36:21,440
as a side hustle, but you get a job. Job,

635
00:36:21,719 --> 00:36:25,800
that's the word of the day. Job. Next, should every

636
00:36:25,960 --> 00:36:29,960
entrepreneur set up a financial kill switch before starting a business?

637
00:36:30,880 --> 00:36:32,920
You know what that means, and you've heard me talk

638
00:36:32,960 --> 00:36:37,400
about this. The financial kill switch is what is the

639
00:36:37,440 --> 00:36:40,960
situation When you're in business. You track everything, your mileage,

640
00:36:41,000 --> 00:36:46,679
your expenses, whatever, there's a number. Now, if you have

641
00:36:46,760 --> 00:36:48,719
somebody that's helping you, they're going to set that number

642
00:36:48,760 --> 00:36:52,119
for you. I've set this number for my son. He

643
00:36:52,159 --> 00:36:54,480
has almost he's getting close to reaching it, but he

644
00:36:54,480 --> 00:36:57,119
hasn't got to it yet. When you get to that

645
00:36:57,159 --> 00:36:58,719
point and you don't have a business and you don't

646
00:36:58,719 --> 00:37:01,400
have what I call a business, don't have clients that

647
00:37:01,440 --> 00:37:05,519
are regularly under contract in his case for pools, and

648
00:37:05,599 --> 00:37:07,519
it could be electrical, it could be whatever. You don't

649
00:37:07,559 --> 00:37:11,039
have a reoccurring contract or something with somebody getting business

650
00:37:11,119 --> 00:37:15,079
coming in, then you get that financial kill switch. Now,

651
00:37:15,880 --> 00:37:17,800
in the past, I say just cut the cord and

652
00:37:17,840 --> 00:37:19,719
just go back to work somewhere. But you know, in

653
00:37:20,159 --> 00:37:24,639
the vein of the side hustle mentality, and I don't

654
00:37:24,639 --> 00:37:26,800
want people to give up on a dream. That's you

655
00:37:26,880 --> 00:37:30,000
got to determine financially when your savings are depleted or

656
00:37:30,039 --> 00:37:31,920
when you have enough money, Like I put twenty thousand

657
00:37:32,000 --> 00:37:34,320
the side to this business, and I've depleted it all

658
00:37:34,320 --> 00:37:36,559
and I don't have anything to show for it. That's

659
00:37:36,559 --> 00:37:41,400
your kill switch. Do you just shut the business down? Well,

660
00:37:41,719 --> 00:37:43,920
I wouldn't. I would just move it to a side

661
00:37:43,960 --> 00:37:47,079
hustle and kind of put it on cruise control while

662
00:37:47,119 --> 00:37:50,119
I'm working a full time job. And then that way,

663
00:37:50,119 --> 00:37:52,039
if somebody happens to read out reach out to you

664
00:37:52,119 --> 00:37:53,800
and say hey, I want you to wire this house

665
00:37:53,920 --> 00:37:55,559
or this basement or whatever, you can say, good, I

666
00:37:55,599 --> 00:37:58,119
got it on weekends. They don't care when you do

667
00:37:58,239 --> 00:38:02,000
it at your side hustle. But it's still a business

668
00:38:02,039 --> 00:38:04,079
as far as they're concerned, they're paying you. It's a business.

669
00:38:04,079 --> 00:38:06,679
They didn't matter what you call it. I just don't

670
00:38:06,719 --> 00:38:09,519
want the word side hustle to be a negative because

671
00:38:09,559 --> 00:38:13,400
it's not. Dude, I've done a lot of side hustles

672
00:38:13,639 --> 00:38:15,679
in my career, and they've all, you know, I've been

673
00:38:15,719 --> 00:38:17,480
happy with most of them. I can say, I can

674
00:38:17,519 --> 00:38:21,159
say all of them, but most of them. Next, should

675
00:38:21,199 --> 00:38:26,239
every entrepreneur know? Should how much savings should someone realistically

676
00:38:26,480 --> 00:38:29,800
have before they try a full time with a startup.

677
00:38:30,119 --> 00:38:31,559
I typically say, if you're going to do it on

678
00:38:31,599 --> 00:38:33,960
your own, that you need to have what you expect

679
00:38:34,000 --> 00:38:38,280
your salary to be. Let's say twenty five thousand years respectable,

680
00:38:38,320 --> 00:38:39,920
and people say I can't live on that, then you

681
00:38:39,960 --> 00:38:44,039
need to reevaluate your means. I'm just saying if you

682
00:38:44,119 --> 00:38:46,440
work somewhere and you're making six figures or whatnot, and

683
00:38:46,480 --> 00:38:48,960
you're saying, I'm going into business. I can't make twenty

684
00:38:48,960 --> 00:38:50,639
five I got to make one hundred and fifty thousand dollars,

685
00:38:50,679 --> 00:38:52,480
then dude, you need to stay where the hell you're at.

686
00:38:54,159 --> 00:38:57,519
Because if you're going to live at that lifestyle and

687
00:38:57,559 --> 00:38:58,840
you want to start a business, I don't want to

688
00:38:58,840 --> 00:39:00,599
discourage you, but I'm going to tell you you need

689
00:39:00,639 --> 00:39:03,800
to have two to three times your annual salary for

690
00:39:03,880 --> 00:39:06,880
that business. So if you're currently making one hundred and

691
00:39:06,880 --> 00:39:08,639
fifty thousand dollars a year, you need to have three

692
00:39:08,719 --> 00:39:11,239
hundred thousand dollars in savings to start your business venture

693
00:39:11,239 --> 00:39:13,800
because you got nothing coming in now. The good thing

694
00:39:13,840 --> 00:39:16,039
about a side hustle is you keep your job and

695
00:39:16,079 --> 00:39:18,119
you can start that side hustle and you don't have

696
00:39:18,239 --> 00:39:23,280
that same amount of full startup expense. You start what

697
00:39:23,320 --> 00:39:27,960
I call gririlla marketing and you move slowly into contracting.

698
00:39:28,719 --> 00:39:33,239
Business insurance general liability is not expensive. Business licenses are

699
00:39:33,239 --> 00:39:37,039
not expensive. Some counties don't even require business licenses. Louisa

700
00:39:37,079 --> 00:39:39,639
County for example. In Virginia, they don't have a business license.

701
00:39:40,159 --> 00:39:41,519
You work out of your home, you got to get

702
00:39:41,519 --> 00:39:43,400
a permit for that. But if you work out your truck,

703
00:39:44,519 --> 00:39:48,199
little gray area there, right, So you know, and again

704
00:39:48,239 --> 00:39:51,039
I'm not giving legal advice. I'm not giving tax advice.

705
00:39:51,079 --> 00:39:53,480
I gotta make it clear because there's be some smart

706
00:39:53,480 --> 00:39:57,599
ass that'll say that, but I'm not. I'm just talking reality, folks. Reality.

707
00:40:01,480 --> 00:40:04,360
So yeah, so that's just things that you have to

708
00:40:05,440 --> 00:40:11,519
think about, Okay. In business, so I typically say two

709
00:40:11,639 --> 00:40:16,440
times your salary is what you should have as your startup. Okay,

710
00:40:17,480 --> 00:40:20,559
it's taking money from family to support a feeling business

711
00:40:20,639 --> 00:40:24,280
ever justified? Yes, you got to remember it takes two

712
00:40:24,320 --> 00:40:27,800
to tengos. So if the family agrees to help, that's

713
00:40:28,199 --> 00:40:30,480
on the concept that they want you to succeed, but

714
00:40:30,599 --> 00:40:34,320
they you should. It is in your best interest as

715
00:40:34,320 --> 00:40:37,480
as it's your loved one at your family to also

716
00:40:37,880 --> 00:40:41,199
create a kill switch, say, look, if you're gonna invest me,

717
00:40:41,400 --> 00:40:43,199
I'm willing to. I want to give this, I'm gonna

718
00:40:43,199 --> 00:40:46,079
give this everything, but for you and me, I'm not

719
00:40:46,159 --> 00:40:48,679
guaranteeing you it's a success. I want it to be

720
00:40:48,719 --> 00:40:52,719
a success, but here's a number, and we'll keep track

721
00:40:52,800 --> 00:40:54,719
of it when I get to this. If it's not

722
00:40:54,800 --> 00:40:56,840
successful by this point, I'm going to move it to

723
00:40:56,880 --> 00:40:58,960
a side hustle. I'm not taking any more of your money.

724
00:40:59,000 --> 00:41:01,119
I will get a full time job. I will do

725
00:41:01,199 --> 00:41:03,880
my own savings and fund it from here. But you're

726
00:41:03,880 --> 00:41:06,400
going to help me get started. Well, that takes two

727
00:41:06,440 --> 00:41:08,519
to tango if somebody's willing to do that. Like for me,

728
00:41:09,280 --> 00:41:12,800
I'm willing to invest in my son's success up to

729
00:41:12,840 --> 00:41:16,199
a certain point. But I'm also in business, and I'm like,

730
00:41:16,280 --> 00:41:18,199
I know when to do my kill switch. And I'll

731
00:41:18,239 --> 00:41:20,519
be like, yeah, you can do it as a side hustle,

732
00:41:20,559 --> 00:41:22,159
but you need to have a full time job because

733
00:41:22,159 --> 00:41:24,159
I'm not here to take care of you. You're you're

734
00:41:24,199 --> 00:41:26,559
a twenty eight, twenty nine year old man. You've got

735
00:41:26,599 --> 00:41:30,239
a damn baby and a wife. You got a man up. Okay,

736
00:41:30,960 --> 00:41:36,400
tough decisions, you get me, all right? So what's the

737
00:41:36,519 --> 00:41:39,840
long term damage to a relationship. When businesses collapse after

738
00:41:39,840 --> 00:41:44,880
family investments, they families get tore up. That's why I

739
00:41:44,920 --> 00:41:47,159
always say, if you're going to take money from family,

740
00:41:47,440 --> 00:41:52,280
you need to sit down with them and be business like. Say, look,

741
00:41:52,400 --> 00:41:55,079
I'm going to borrow from you. This is the timeline.

742
00:41:55,079 --> 00:41:57,760
This is agreement between us. I put it on paper.

743
00:41:58,000 --> 00:42:01,639
Here's the agreement. This is the kill switch. If I

744
00:42:01,679 --> 00:42:04,159
have not made this work after this amount that you're

745
00:42:04,199 --> 00:42:07,599
willing to give and I'm willing to work with and

746
00:42:08,440 --> 00:42:10,639
if we haven't made it by then I'm going to

747
00:42:10,679 --> 00:42:13,119
get a full time job. And that doesn't mean I

748
00:42:13,159 --> 00:42:15,280
still don't continue to look for a full time job,

749
00:42:15,320 --> 00:42:17,639
but I'm going to start putting my efforts into starting

750
00:42:17,639 --> 00:42:21,599
this business. You get to that limit, you stop taking

751
00:42:21,639 --> 00:42:26,159
from family. Now will the family be upset because you

752
00:42:26,280 --> 00:42:28,519
lost money their money? They may, But if you go

753
00:42:28,599 --> 00:42:32,119
into it with a understanding that it could lose. But

754
00:42:32,199 --> 00:42:36,239
I wanted to succeed so badly. We got to remember that.

755
00:42:36,719 --> 00:42:41,280
I can't say nothing to my son if I didn't.

756
00:42:41,360 --> 00:42:44,320
I'm using my son as an example. I can't say

757
00:42:44,440 --> 00:42:49,239
nothing if I did I wasn't a participant in the process.

758
00:42:49,639 --> 00:42:55,039
You get what I'm saying. I mean I actively give money,

759
00:42:55,119 --> 00:42:59,440
then I am invested into the process. It's not the same.

760
00:42:59,519 --> 00:43:01,480
And if he loses it and he loses his business.

761
00:43:01,559 --> 00:43:07,360
He's devastated. But I understand it's like the stock market. Dude.

762
00:43:07,400 --> 00:43:09,360
I put one hundred thousand dollars in a stock market.

763
00:43:09,400 --> 00:43:12,039
That shit's lost twenty five thousand dollars in less than

764
00:43:12,599 --> 00:43:17,960
two months. I suck at stock market, but I had

765
00:43:17,960 --> 00:43:21,960
to try it, and I'll never do it again. You know.

766
00:43:22,000 --> 00:43:23,679
Everybody says, well, you just got to have the right

767
00:43:23,760 --> 00:43:26,679
stock guy, and Vince Delacrows put me onto a good

768
00:43:26,719 --> 00:43:29,880
stock guy. But I before I jumped knee deep into

769
00:43:29,920 --> 00:43:31,840
stocks and all this kind of crap, I wanted to

770
00:43:31,880 --> 00:43:36,199
try it out myself, using Schwabs themes and let them

771
00:43:36,239 --> 00:43:38,639
pick it and set it up and see how it went.

772
00:43:38,760 --> 00:43:41,559
And they're the experts, and let it see. And I

773
00:43:41,599 --> 00:43:45,360
looked at their returns and percentages each year, and I'm like, okay,

774
00:43:45,480 --> 00:43:48,280
you know, ten percent return here, fifteen percent return here.

775
00:43:49,119 --> 00:43:53,960
I went heavy into the things like the big big

776
00:43:54,000 --> 00:43:56,280
business and big data and all this kind of shit.

777
00:43:56,320 --> 00:43:58,000
So I'm thinking, you know, that's like the Cokes and

778
00:43:58,039 --> 00:44:03,079
the Pepsis and the Walmart. Hey, that can't fail, right, sucks.

779
00:44:04,280 --> 00:44:07,159
So even when the stock market's up, my shit seems

780
00:44:07,199 --> 00:44:10,119
to be down. So anyway, what the point is. I

781
00:44:10,159 --> 00:44:13,239
went into this knowingly. So some people say, well, pull

782
00:44:13,280 --> 00:44:15,440
out while your losses, at least you salvage to seventy

783
00:44:15,440 --> 00:44:17,559
five thousand, and I forget that shit. I went in

784
00:44:17,599 --> 00:44:19,119
at one hundred. I'm gonna let her ride. If it

785
00:44:19,119 --> 00:44:22,440
goes to zero, fuck it. Sorry for my language, but

786
00:44:22,679 --> 00:44:26,119
it you know what it is what it is. But

787
00:44:26,159 --> 00:44:28,239
I can tell you I do have a plan if

788
00:44:28,559 --> 00:44:32,519
I can't handle stock market volatility, not talking about my

789
00:44:32,519 --> 00:44:34,719
four oh one k's and I just don't touch that shit,

790
00:44:34,800 --> 00:44:40,519
you know what I'm saying. Hold on here, so uh,

791
00:44:40,599 --> 00:44:45,199
I don't. I can't touch that stuff. So in reality

792
00:44:45,280 --> 00:44:47,840
is I'm just gonna once it. If it ever gets

793
00:44:47,840 --> 00:44:49,920
back to the one hundred thousand, I'm just gonna pull

794
00:44:49,960 --> 00:44:53,760
it out. You know, I'm just gonna pull it out.

795
00:44:53,920 --> 00:44:55,280
You know, it is what it is because I don't

796
00:44:55,320 --> 00:44:58,559
like stock markets anything. I mean anyway, I digress. But

797
00:44:58,719 --> 00:45:01,480
remember if a family member gives you money and they're

798
00:45:01,519 --> 00:45:05,039
willing to help, then they're openly willing to help. Then

799
00:45:05,079 --> 00:45:08,199
they have to be understand that that's a risk involved

800
00:45:08,199 --> 00:45:11,599
in the loss, you get me, So they got to

801
00:45:11,679 --> 00:45:16,880
understand that so let's talk a few things about some

802
00:45:17,000 --> 00:45:19,480
hard truths, things that people don't want to hear. Is

803
00:45:19,519 --> 00:45:23,199
it possible that some ideas are just not a viable business. Absolutely,

804
00:45:24,559 --> 00:45:26,599
There's some businesses that I've seen out there that I'm like,

805
00:45:26,639 --> 00:45:30,079
how the hell did that succeed? Yet they succeeded. You know,

806
00:45:30,119 --> 00:45:31,719
you watch Shark Tank. You'll look at some of that

807
00:45:31,760 --> 00:45:35,760
shit and go, how could that succeed? How could that

808
00:45:36,400 --> 00:45:39,159
make it? But yet it does. And then you can

809
00:45:39,199 --> 00:45:42,079
have some ideas that seems so obvious and they fail.

810
00:45:43,400 --> 00:45:47,840
You know. So, yeah, some ideas are just not viable business, okay,

811
00:45:49,199 --> 00:45:53,760
And sometimes it's just saturated. Right next, how do you

812
00:45:53,840 --> 00:45:56,400
know when your market is spoken for? Well, you got

813
00:45:56,400 --> 00:46:00,320
to do the research, you know, you got to start

814
00:46:00,400 --> 00:46:04,000
looking at the area and see what possible, you know,

815
00:46:04,360 --> 00:46:08,840
opportunities are there in that market. That's what I did

816
00:46:08,880 --> 00:46:11,360
with the kennel and the grooming over in Harrisonburg, Virginia,

817
00:46:11,400 --> 00:46:15,400
when I opened that up back in holy crap, probably

818
00:46:15,440 --> 00:46:21,440
two thousand, maybe two thousand and one, yeah, something like that.

819
00:46:21,960 --> 00:46:25,320
When I opened that business way back then, I went

820
00:46:25,360 --> 00:46:27,719
over there and went through the dog food aisles at

821
00:46:27,760 --> 00:46:30,920
the major grocery stores, and just sat there with a clipboard,

822
00:46:31,280 --> 00:46:34,239
and as customers would come in buying dog food, I

823
00:46:34,280 --> 00:46:37,159
would just ask them questions, do you use a boarding kennel?

824
00:46:37,239 --> 00:46:39,159
Do you have one in the area you like? What

825
00:46:39,199 --> 00:46:42,719
do you like and dislike about it? Do you get

826
00:46:42,719 --> 00:46:45,039
your dogs groomed? Would you pay for grooming if it

827
00:46:45,079 --> 00:46:48,159
was affordable in the area and done by professionals? And

828
00:46:48,599 --> 00:46:51,320
I did my research. Then I started looking at the

829
00:46:51,360 --> 00:46:54,280
saturation of the market. I started looking at how many groomers,

830
00:46:54,280 --> 00:46:57,719
how many homes are in this area. Chances are most

831
00:46:57,719 --> 00:47:03,199
homes have pets. How many in the area, you know.

832
00:47:03,280 --> 00:47:05,840
I looked at the area. I said, okay, this can

833
00:47:05,880 --> 00:47:09,119
this market sustain if there's already a couple of grooming,

834
00:47:09,159 --> 00:47:11,480
boarding kennels or And then I went and looked at

835
00:47:11,519 --> 00:47:14,960
the boarding kennels. I got a tour of the boarding kennels.

836
00:47:14,960 --> 00:47:16,599
They don't need to know why I was getting a tour.

837
00:47:16,679 --> 00:47:18,079
I just acted like I was going to board my

838
00:47:18,159 --> 00:47:19,400
dog there, and I wanted to see what it was

839
00:47:19,480 --> 00:47:22,199
like before I bought my dog. Because I had worked

840
00:47:22,199 --> 00:47:24,360
for some kennels prior to this, so I had already

841
00:47:24,400 --> 00:47:29,880
a history of that. And so anyway, the point was

842
00:47:29,920 --> 00:47:33,239
I did my research. So you have to understand whether

843
00:47:33,239 --> 00:47:36,199
the market is already spoken for it. There's an opportunity. Now,

844
00:47:36,239 --> 00:47:39,360
what is the difference between this needs more time or

845
00:47:39,400 --> 00:47:43,360
this will never work. I think when you get to

846
00:47:43,400 --> 00:47:46,280
your kill switch period and you really can look back

847
00:47:46,320 --> 00:47:48,480
and see, look, I've only had one job or two job,

848
00:47:48,519 --> 00:47:51,159
of three jobs. How did that go? Did the people

849
00:47:51,199 --> 00:47:53,920
love it? Did they give me Google reviews, Yelp reviews,

850
00:47:53,960 --> 00:47:57,920
did they give me five stars? How did that go?

851
00:47:59,199 --> 00:48:01,639
It's sometime you get to that kill and you have

852
00:48:01,679 --> 00:48:04,920
to make those harsh decisions. But you can alleviate this

853
00:48:04,960 --> 00:48:08,320
by saying, Okay, let me just move this to a

854
00:48:08,320 --> 00:48:11,840
side hustle and find a job and still continue to

855
00:48:11,880 --> 00:48:14,960
work your side hustle, but you need to focus on

856
00:48:15,079 --> 00:48:17,719
the nine to five, paying your bills and feeding your family.

857
00:48:17,920 --> 00:48:21,960
That that's the key. Family's got to come first. That's

858
00:48:21,960 --> 00:48:25,760
also why I love people in business tax consultants. There's

859
00:48:25,760 --> 00:48:28,119
such a trip. So I know a guy called me

860
00:48:28,159 --> 00:48:32,199
about business and he said that his tax guy. He

861
00:48:32,320 --> 00:48:34,840
was new in business. He's just starting out and making money.

862
00:48:34,840 --> 00:48:38,119
He's electrical contractor. And he says, hey, Paul, my tax

863
00:48:38,159 --> 00:48:40,400
guy said, I always have to pay myself first before

864
00:48:40,400 --> 00:48:42,679
I pay everybody else. I said, you need to find

865
00:48:42,679 --> 00:48:46,800
yourself a new tax person. He said why, he said, well,

866
00:48:46,960 --> 00:48:49,239
he told me you should always pay yourself first. I'm like, well,

867
00:48:49,280 --> 00:48:51,079
what the hell are you paying yourself with? If you're

868
00:48:51,079 --> 00:48:56,800
not making any money, you have to pay your burdens first.

869
00:48:57,039 --> 00:48:59,760
You make sure that everybody else gets paid before you

870
00:48:59,800 --> 00:49:04,000
pay yourself. Otherwise you're gonna go in debt, You're gonna

871
00:49:04,000 --> 00:49:06,519
get behind, You're never gonna be able to catch up.

872
00:49:06,760 --> 00:49:09,559
It's so easy for a tax advisor to say, well,

873
00:49:09,599 --> 00:49:13,000
always pay yourself first. What the shit am I gonna

874
00:49:13,000 --> 00:49:16,599
pay myself with? If my business is not making money.

875
00:49:17,320 --> 00:49:20,320
Think about that logic and go online and see how

876
00:49:20,320 --> 00:49:23,000
many tax professionals say that. Well in business. And my

877
00:49:23,079 --> 00:49:25,280
dad used to say this, in business, you should always

878
00:49:25,280 --> 00:49:31,480
pay yourself first with what with? What? I If I

879
00:49:31,519 --> 00:49:33,840
did a job and I made just enough, you know

880
00:49:33,880 --> 00:49:36,719
where I can pay a bill, You pay the bill.

881
00:49:37,039 --> 00:49:38,920
If I pay myself first, I don't pay the bill,

882
00:49:38,920 --> 00:49:40,719
and then I do another job and I pay myself

883
00:49:40,719 --> 00:49:42,639
and at the end of the month, I gotta pay

884
00:49:42,639 --> 00:49:44,760
my bill my credit card or whatever it is, and

885
00:49:44,800 --> 00:49:48,159
I can't pay it off. Now, I've got reoccurring debt

886
00:49:48,239 --> 00:49:52,440
that's got interest, and I'm never gonna get ahead. You

887
00:49:52,519 --> 00:49:56,760
pay your debt first. I have no problem with people

888
00:49:56,800 --> 00:49:58,559
starting their business on a credit card, as long as

889
00:49:58,599 --> 00:50:01,840
they have the business mentality that that card gets paid

890
00:50:01,840 --> 00:50:04,559
off every month. You do not carry a balance on

891
00:50:04,559 --> 00:50:10,039
a credit card ever. Ever, if you can't afford it,

892
00:50:10,079 --> 00:50:15,800
you don't buy it. Okay, now what is the difference now?

893
00:50:15,840 --> 00:50:18,320
So next it says, why is it sometimes smarter to

894
00:50:18,440 --> 00:50:21,400
pause a business than destroy your financial trying to save it?

895
00:50:21,639 --> 00:50:24,199
Because if you go in debt, you end up chapter eleven,

896
00:50:24,519 --> 00:50:27,960
Chapter nine, You ever end up having fiul bankruptcy. You'll

897
00:50:28,000 --> 00:50:30,960
never recover. Some people say, well I've recovered yet, you

898
00:50:31,000 --> 00:50:34,760
know what? Yep. And everybody that smokes crack doesn't always die,

899
00:50:34,800 --> 00:50:38,519
but some do. Don't be that one. You get what

900
00:50:38,599 --> 00:50:41,679
I'm saying. It's like online where people say, well, I've

901
00:50:41,679 --> 00:50:46,199
never paid income tax. Okay, I've never paid income tax,

902
00:50:46,639 --> 00:50:50,039
I've never done this, I've never done that, and I'm

903
00:50:50,039 --> 00:50:51,920
not paying my taxes and I look at them and go,

904
00:50:52,000 --> 00:50:56,159
you stupid, SOB. I don't like taxes like anybody else,

905
00:50:56,199 --> 00:50:58,360
but I pay. In fact, I pay more than my share.

906
00:50:58,960 --> 00:51:00,760
If they want to give me some fact, that's fine.

907
00:51:00,760 --> 00:51:03,840
But I do not leave anything questionable. If I think

908
00:51:03,880 --> 00:51:06,559
I owe them something, I pay it. Not because I'm

909
00:51:06,639 --> 00:51:08,920
scared of the irs. I just do what I'm supposed

910
00:51:08,960 --> 00:51:11,599
to do. That's the way our system works. Like it

911
00:51:11,679 --> 00:51:14,719
or hate it, change it. Whatever. People say, well, I'm

912
00:51:14,719 --> 00:51:16,880
not paying my taxes. Well, first of all, you idiot,

913
00:51:16,880 --> 00:51:18,800
if you work for somebody, the taxes are already taken

914
00:51:18,800 --> 00:51:22,480
out of your pay, they're already taken out, they're withheld.

915
00:51:22,840 --> 00:51:28,800
So you're stupid. So at the end of the day,

916
00:51:28,920 --> 00:51:31,199
you got to pay your taxes. Well, there's no word

917
00:51:31,199 --> 00:51:33,119
in a constitution that says I have to pay taxes.

918
00:51:33,199 --> 00:51:37,760
Shut up. We have tax laws. Things have been passed

919
00:51:37,960 --> 00:51:41,960
way after the constitution. Okay, that says that you owe

920
00:51:42,000 --> 00:51:47,320
income tax. So shut up. Stop listening to those people.

921
00:51:47,480 --> 00:51:51,239
They're just gonna take you down the road. Secondly, I'm

922
00:51:51,239 --> 00:51:53,280
going to tell you something right now that's gonna save

923
00:51:53,320 --> 00:51:55,039
yourself a world of hurt in the future. And I'm

924
00:51:55,039 --> 00:51:56,960
not a tax guy and I'm not giving tax advice.

925
00:51:57,440 --> 00:51:59,280
All of you out there that are working under the table,

926
00:51:59,320 --> 00:52:01,719
that you're taking care, or you're taking money, or you're

927
00:52:01,719 --> 00:52:05,000
getting Apple pays or Google pays or Venmos from an employer,

928
00:52:05,760 --> 00:52:09,280
stop it because that's income. You got to pay taxes

929
00:52:09,320 --> 00:52:12,280
on it. If he ten ninety nine is you make

930
00:52:12,320 --> 00:52:14,599
sure you're actually a ten ninety nine employee and you

931
00:52:14,679 --> 00:52:17,599
cannot be. If any bill, and if any employer out

932
00:52:17,639 --> 00:52:19,559
there tells you that you're ten ninety nine and they

933
00:52:19,599 --> 00:52:22,039
just pay you and say you're responsible for taxes, you

934
00:52:22,119 --> 00:52:24,840
need to pause for a second because unless you have

935
00:52:24,880 --> 00:52:30,639
a business business account, checking account, unless you're a business

936
00:52:30,639 --> 00:52:32,119
and you do work for other people, if you only

937
00:52:32,119 --> 00:52:33,840
will do work for that one person, and they tell

938
00:52:33,880 --> 00:52:35,480
you where to be, what to do, what the what

939
00:52:35,599 --> 00:52:39,480
tools you have, where to go, they tell you, like

940
00:52:39,519 --> 00:52:43,440
they would an employee, you are not a ten ninety nine.

941
00:52:43,639 --> 00:52:47,480
Do not fall for it, because ultimately you're responsible for

942
00:52:47,519 --> 00:52:51,239
the taxes. Now, when you get a W two, it

943
00:52:51,280 --> 00:52:54,119
comes out of your pay. You're responsible for your half,

944
00:52:54,239 --> 00:52:58,000
the employer responsible for their half. If they tell you

945
00:52:58,000 --> 00:53:00,000
you're ten ninety nine and they take nothing out of

946
00:53:00,199 --> 00:53:02,039
your taxes and you get and you get that ten

947
00:53:02,199 --> 00:53:06,039
ninety nine, you owe that as income. You're gonna pay

948
00:53:06,039 --> 00:53:07,880
one hundred percent of the taxes on that, and a

949
00:53:08,000 --> 00:53:10,400
sole proprietor is gonna pay like fifteen point three or

950
00:53:10,400 --> 00:53:13,039
whatever it is percent taxes on it. If you didn't

951
00:53:13,039 --> 00:53:15,159
plan for that, that's gonna bite you in the ass.

952
00:53:15,639 --> 00:53:18,000
Now if you say, well, nobody knows what they don't know,

953
00:53:19,079 --> 00:53:24,440
trust me, there's a trail somewhere. So look, I advise

954
00:53:24,480 --> 00:53:28,960
you do not do work under the table. Make them

955
00:53:29,000 --> 00:53:30,679
if they're going to ten ninety nine, you do it.

956
00:53:30,719 --> 00:53:32,960
But make sure you pull out your taxes and put

957
00:53:32,960 --> 00:53:36,079
it away so you don't get any surprises. Just because

958
00:53:36,079 --> 00:53:37,639
you may be getting a thousand dollars and if you

959
00:53:37,639 --> 00:53:40,159
pull the taxes out, you may only be getting eight hundred.

960
00:53:41,400 --> 00:53:44,639
That's fine. Put that two hundred in the savings account

961
00:53:44,760 --> 00:53:47,320
or separate account or an interest account for when it's

962
00:53:47,360 --> 00:53:50,519
time to pay your taxes, because it'll come back to

963
00:53:50,559 --> 00:53:53,119
bite you in the ass. I'm I'm just telling you

964
00:53:53,360 --> 00:53:55,920
because I've had to consult with contractors. This is bitting

965
00:53:55,920 --> 00:54:00,719
them in the ass. Now, if you work for somebody

966
00:54:00,800 --> 00:54:02,760
and you're working and they're paying you under the table,

967
00:54:03,440 --> 00:54:05,960
you either demand that you become a W two employee.

968
00:54:06,239 --> 00:54:10,119
Now you cannot be a ten ninety nine unless you

969
00:54:10,159 --> 00:54:12,159
meet all of the thresholds to be a ten ninety

970
00:54:12,239 --> 00:54:15,719
nine and if you're in the middle of that right now,

971
00:54:15,760 --> 00:54:17,960
I'm not an expert, I'm not a tax consultant. But

972
00:54:17,960 --> 00:54:19,199
if you want to reach out to me and you

973
00:54:19,199 --> 00:54:21,519
have an employer that's doing that and they're treating you wrong,

974
00:54:21,920 --> 00:54:24,400
I don't have a problem telling you the different forms

975
00:54:24,400 --> 00:54:26,480
that you should fill out with the IRS and SS

976
00:54:26,480 --> 00:54:29,840
eight in eighty nine eighteen or in eighty nine nineteen

977
00:54:29,960 --> 00:54:34,119
form to establish a misclassification with the IRS. I don't

978
00:54:34,119 --> 00:54:36,960
mind giving you that, because that's not tax advice. I'm

979
00:54:37,000 --> 00:54:39,360
just telling you the forms are available. You need to

980
00:54:39,360 --> 00:54:43,800
fight it, but that's on you, Okay. I went off

981
00:54:43,800 --> 00:54:45,599
a little bit of a tangent. You might think the

982
00:54:45,639 --> 00:54:50,440
money's nice now, but taxes are a necessary evil. They

983
00:54:50,440 --> 00:54:53,320
are what they are. They also establish your retirement, what

984
00:54:53,400 --> 00:54:55,000
you're going to get in a retirement pay as you

985
00:54:55,039 --> 00:54:56,960
get older, all those type of things. So you can

986
00:54:57,039 --> 00:54:59,400
rob Peter, but they're going to pay Paul later. I'm

987
00:54:59,440 --> 00:55:03,039
just saying, all right, enough of that tangent. Now I'm

988
00:55:03,079 --> 00:55:06,519
gonna give you some encouraging things moving forward. A business

989
00:55:06,559 --> 00:55:10,800
to a side hustle means dream is over. No mean

990
00:55:10,880 --> 00:55:13,519
dream is still there. You're just not focusing on it

991
00:55:13,559 --> 00:55:16,519
as much as you would earning a living. And that's

992
00:55:16,559 --> 00:55:18,599
the nine to five. The dream is still there. It's

993
00:55:18,599 --> 00:55:20,360
still a business. You still get all the benefits of

994
00:55:20,360 --> 00:55:22,000
a business. You still get the right off things you

995
00:55:22,039 --> 00:55:24,880
buy for your business and your side hustle. It's different.

996
00:55:25,239 --> 00:55:27,800
It's not the same as somebody that works for Johnny

997
00:55:27,840 --> 00:55:30,159
and just gets a wiring a basement on a weekend.

998
00:55:30,559 --> 00:55:33,840
That's not that's a side hustle, but that's not a

999
00:55:34,039 --> 00:55:41,880
business side hustle. I'm just saying be careful now, ken

1000
00:55:41,920 --> 00:55:45,400
getting a steady job or stable job actually accelerate your

1001
00:55:45,440 --> 00:55:48,239
future success. Absolutely it can, because now it means you're

1002
00:55:48,239 --> 00:55:50,159
meeting all your obligations, you're putting money in the bank,

1003
00:55:50,199 --> 00:55:52,320
and you get money that you can inject into that

1004
00:55:52,360 --> 00:55:54,920
side hustle to someday become a full time business for

1005
00:55:55,000 --> 00:55:58,719
you and you lose the stress. Because money is stressful,

1006
00:55:59,039 --> 00:56:02,639
not having it is worse. And now they say when

1007
00:56:02,719 --> 00:56:05,159
somebody it was a millionaire, that that they if you

1008
00:56:05,239 --> 00:56:06,840
know that when they become a millionaire, you get a

1009
00:56:06,840 --> 00:56:09,119
bunch of money, Your life is miserable. They're full of shit.

1010
00:56:09,760 --> 00:56:14,000
That is not you don't believe what you see online. Okay,

1011
00:56:15,000 --> 00:56:17,079
just trust me. When you get a couple a couple

1012
00:56:17,079 --> 00:56:20,280
of million dollars and you're considered a millionaire, life is

1013
00:56:20,320 --> 00:56:22,400
the same as it is when you were before you

1014
00:56:22,440 --> 00:56:25,480
had money. If you're miserable ast shit, doesn't matter how

1015
00:56:25,559 --> 00:56:27,360
much money you have, you're gonna be miserable as shit.

1016
00:56:27,400 --> 00:56:29,159
If you're an asshole, you're an asshole. It doesn't matter

1017
00:56:29,199 --> 00:56:31,920
that you got money in your wallet. If you were

1018
00:56:31,960 --> 00:56:35,000
a great person before you got money, then you're probably

1019
00:56:35,039 --> 00:56:38,159
gonna be a great person after you get money. It's

1020
00:56:38,239 --> 00:56:40,480
just a reality of it. Money does not turn somebody

1021
00:56:40,519 --> 00:56:43,880
into a dick. They were born that way. Now let

1022
00:56:43,920 --> 00:56:46,320
me take that back, probably not born that way, but

1023
00:56:47,679 --> 00:56:50,440
uh but yeah, because yeah, anyway, I'll get some snack

1024
00:56:50,519 --> 00:56:52,559
snacky comments of that, I say, Paul, So the truth

1025
00:56:52,639 --> 00:56:55,320
is you've always been a dick? Yeah? Possibly? All right?

1026
00:56:55,400 --> 00:57:00,840
Next is the real? Uh? Well okay? Why is patience

1027
00:57:00,960 --> 00:57:05,679
often often the missing ingredient in entrepreneurship Because everybody wants

1028
00:57:05,719 --> 00:57:07,559
to hit a home run out the park right away.

1029
00:57:07,639 --> 00:57:10,280
Everybody wants to think their ideas the best things since

1030
00:57:10,280 --> 00:57:13,199
sliced bread, and they win right out the box. They're

1031
00:57:13,199 --> 00:57:16,280
not all going to be that way. Doesn't mean you

1032
00:57:16,280 --> 00:57:17,639
have to give up on the dream. You just move

1033
00:57:17,679 --> 00:57:19,559
it and it takes a little longer. You keep it

1034
00:57:19,599 --> 00:57:21,840
as a side still do everything. It's like a business.

1035
00:57:22,039 --> 00:57:23,760
You get your licenses if you need to, you get

1036
00:57:23,760 --> 00:57:25,559
your insurance if you need to. You do everything like

1037
00:57:25,559 --> 00:57:28,840
a business. It's just that it's a side hustle. Business

1038
00:57:30,159 --> 00:57:32,800
didn't go away. You still get to write off that

1039
00:57:32,880 --> 00:57:35,119
material for that job. On the weekend or Saturday or

1040
00:57:35,119 --> 00:57:36,760
Sunday or in the evening or whatever. You still get

1041
00:57:36,760 --> 00:57:38,159
to do the right off. You still get it all.

1042
00:57:38,880 --> 00:57:40,679
It's just that during the day you're making money at

1043
00:57:40,719 --> 00:57:46,719
a full w two job. Nothing wrong with that. Very noble. Now,

1044
00:57:47,159 --> 00:57:51,239
is it real entrepreneurial skill knowing when to adapt instead

1045
00:57:51,239 --> 00:57:56,400
of when to to grind harder. Yes, you can call

1046
00:57:56,440 --> 00:58:00,880
yourself an entrepreneur when you can understand and the signs

1047
00:58:01,039 --> 00:58:04,800
of evolution and transition, when you understand it's time to

1048
00:58:04,880 --> 00:58:07,400
shift from this to that, when it's time to move

1049
00:58:07,440 --> 00:58:09,360
something to a side hustle and focus on a full

1050
00:58:09,360 --> 00:58:13,400
time job as a man or a provider for your

1051
00:58:13,440 --> 00:58:17,320
family and stop mooching on other people. If that's what

1052
00:58:17,320 --> 00:58:21,280
you're doing, unless the people are voluntarily helping you, that's

1053
00:58:21,320 --> 00:58:23,239
fine too. But there comes a point when you get

1054
00:58:23,239 --> 00:58:24,960
to that kill switch where you got to say, dude,

1055
00:58:25,000 --> 00:58:27,360
I got to go to job. I gotta work. I

1056
00:58:27,360 --> 00:58:29,119
can still fund this dream, but I gotta work. Now.

1057
00:58:29,159 --> 00:58:31,079
You've heard me repeat that over and over again, because

1058
00:58:31,119 --> 00:58:34,679
that's called ballistic training. Means that I'm trying to beat

1059
00:58:34,760 --> 00:58:39,280
in your head by being repetitious these things, and it's

1060
00:58:39,320 --> 00:58:41,480
just my style. If somebody says, well, Paul, I listen

1061
00:58:41,519 --> 00:58:43,039
to that. You repeat yourself all the time. You go

1062
00:58:43,079 --> 00:58:44,840
to hell. This this is how I do it. I

1063
00:58:44,960 --> 00:58:47,480
encourage you to not listen to my podcast because you're

1064
00:58:47,480 --> 00:58:50,880
a hater, and I don't care about haters. All right now,

1065
00:58:52,400 --> 00:58:54,920
let me give you this is the goal, to prove

1066
00:58:54,960 --> 00:59:00,280
you're an entrepreneur or to actually build something sustainable. I

1067
00:59:00,320 --> 00:59:02,519
don't give a shit if somebody calls me an entrepreneur.

1068
00:59:02,559 --> 00:59:07,320
That's a self imposed title based on my effort. What

1069
00:59:07,440 --> 00:59:09,920
I want is to build a business that people look

1070
00:59:09,960 --> 00:59:12,239
at and say that it is sustainable and it is

1071
00:59:12,280 --> 00:59:16,599
a valid business. An entrepreneur don't mean shit. If every

1072
00:59:16,599 --> 00:59:20,280
business he starts ends, they were just hobbies he started

1073
00:59:20,440 --> 00:59:23,519
or she started. In order to build a business and

1074
00:59:23,599 --> 00:59:27,320
be sustainable. You're an entrepreneur to have the drive and

1075
00:59:27,400 --> 00:59:30,280
desire to grow it. You're a sustainable business when it

1076
00:59:30,320 --> 00:59:32,559
gets to the point where it's stable and it's surviving,

1077
00:59:32,599 --> 00:59:35,559
and it's paying itself, it's paying you, it's meeting is expenses.

1078
00:59:35,920 --> 00:59:38,000
You ain't got to get rich. As long as you're

1079
00:59:38,000 --> 00:59:42,679
paying a good salary, you're paying your bills. That's sustainable.

1080
00:59:44,440 --> 00:59:48,400
Think about it now. A real entrepreneur isn't someone who

1081
00:59:48,480 --> 00:59:51,840
refuses to quit. A real entrepreneur is someone who refuses

1082
00:59:51,920 --> 00:59:56,679
to destroy their future chasing something that isn't ready just

1083
00:59:56,960 --> 01:00:02,480
yet to succeed. That's a quote. K wind this back

1084
01:00:02,519 --> 01:00:06,039
and take that quote. Put it on a piece of paper,

1085
01:00:06,280 --> 01:00:08,000
put it in your wallet, and look at it every

1086
01:00:08,039 --> 01:00:11,599
now and then you get me. All right, folks, that's

1087
01:00:11,599 --> 01:00:13,760
all I got for this episode. Hopefully you took something

1088
01:00:13,800 --> 01:00:15,639
away from it. If I offended anybody, I don't give

1089
01:00:15,639 --> 01:00:18,800
a shit. If you learn something from it, you're welcome again.

1090
01:00:20,400 --> 01:00:23,239
Many things to take away from this podcast in business,

1091
01:00:24,280 --> 01:00:27,920
but just because of business venture or startup doesn't succeed

1092
01:00:28,039 --> 01:00:30,480
in your eyes doesn't mean that it's a total failure.

1093
01:00:30,519 --> 01:00:32,960
It just means that you have to shift your momentum.

1094
01:00:33,679 --> 01:00:36,239
And there is nothing wrong working for somebody else and

1095
01:00:36,280 --> 01:00:40,119
getting his solid weekly check while you're still hustling your

1096
01:00:40,119 --> 01:00:42,440
butt off on weekends and making that nice side money.

1097
01:00:43,679 --> 01:00:46,320
You get me, all right? Till next time, folks, Stay safe,

1098
01:00:46,360 --> 01:00:47,800
God bless we'll catch you on the next episode of

1099
01:00:47,840 --> 01:00:50,440
Master the EAC podcasts. And in advance, sorry for all

1100
01:00:50,480 --> 01:00:52,679
the dirty language in there. Again, I'm trying to clean

1101
01:00:52,719 --> 01:00:54,159
that up, all right, peace.

1102
01:00:55,000 --> 01:00:58,320
Speaker 1: Thanks for tuning into another electrifying episode of the Master

1103
01:00:58,440 --> 01:01:02,599
the NDP podcast. We hope you're feeling more powered up

1104
01:01:02,599 --> 01:01:05,159
and ready to tackle the electrical world with the knowledge

1105
01:01:05,199 --> 01:01:10,199
and confidence you need to succeed. Remember, in the electrical trade,

1106
01:01:10,360 --> 01:01:12,960
knowledge is power, and we're here to make sure you

1107
01:01:13,000 --> 01:01:16,960
stay plugged into the latest insights, tips and code updates.

1108
01:01:18,000 --> 01:01:21,840
If you enjoy today's episode, don't forget to subscribe, leave

1109
01:01:21,920 --> 01:01:24,599
us a review, and share the podcast with your fellow

1110
01:01:24,639 --> 01:01:30,320
electricians and industry pros. Until next time, keep your tools sharp,

1111
01:01:30,639 --> 01:01:33,920
your circuits clear, and you're my focused because here at

1112
01:01:33,920 --> 01:01:37,280
the Master of the NEC podcast. We're all about sparking

1113
01:01:37,320 --> 01:01:43,639
your success. Stay safe, stay smarked, and keep mastering the trade.

1114
01:01:44,039 --> 01:01:46,800
From all of us here at Electrical Code Academy, thank

1115
01:01:46,880 --> 01:01:48,800
you for all your support and we will see you

1116
01:01:48,840 --> 01:01:55,079
on the next amazing Master of the NEC podcast episode