Brad Sugars - Billionaire Tour Notes (Miami)
This internations event took place 9/15. Did not expect to take notes but got 3+ pages of them ;-) Not certain this will make me a billionaire but definitively got lots of inspiration and positive energy from it. Here are some of my notes:
-- Protected content of my favorite Brad Sugars Quotes ---
"Getting rich is dead easy but requires work"
"Most people only react when change is forced upon them:
"Most things that make you rich pay at a rate of $0"
"What would the best you do?"
"If no pressure to grow, than no growth. Stillness does not exist (it is death)"
" Sometimes you need that jerk to fire you up"
"Sometimes you have to learn about a domain/sector you did not anticipate"
-- Protected content Key Brad Sugars Concepts ---
8 rules on buying a business:
- Rule 1: Buy a business that survives despite itself ("sometimes you might by a business from an idiot")
- Rule 2: Repeat Biz
- Rule 3: Low skills (so staff is never an issue)
- Rule 4: Staple products
- Rule 5: Cash flow (not asset based)
- Rule 6: Have great general manager in place (He/she is key)
- Rule 7: 50:10:3:1 rule (look at 50 businesses/investigate deeply 10/make 3 offers/buy 1)
- Rule 8: Your deal or no deal. The key is to always get the right deal. Don't get too excite and over pay...
Being aware of the business cycle is key to success.
Protected content estate market top?
When do you know we are near top?
1- You start seeing 100% mortgages
2- Mergers and acquisitions slow down
3- Your brother in law became a property developer :-)
5 Steps to success:
1- Dream (stuff you want to do before death; write it down)
2- Goals (give timeframe; plan)
5- Action (work + work + work is the secret)
Urgency: a life is Protected content . How many weeks do you have left? Protected content ? Act now!
You work income will be directly related to your activity.
"Story of the owner of a hairdresser complaining she does not make more than her employees. When Brad asked her what she does, she said I also cut hair. Well there you have it..."
Transforming cash-flow: Active money (income) -> Passive money (investment) -> massive money ;-)
Brad's Passive income rated in order of best return (best return require more work and are less liquid):
1- Buy a business Protected content % potential)
2- Basic Property Flipping ( Protected content )
All 3 are good at different times (i.e. business cycle)
3 Levels of goals from weakest to best:
- Away Goals (I don’t want this ... I hate that ..)
- Toward Goals ( I want this ... I love that....
- Legacy Goals (do something amazing)
Gratitude and celebration are key qualities
Read a book a week
Jim Rohn changed his life
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