YouSaid · the spoken record

Nathan Latka

lines on the record: 53
first: 2016-02-07
most recent: 2016-02-07
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I don't know what's even on my calendar then, but I will move it all. I will be there when you sense great opportunities with good people. You just have to jump. So I'm in.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, well, guys, I'd love to connect with any of you guys, especially if you have questions like Stig did about taking a small market out company's private. And maybe people that do this, I'll actually show them the financials and the inner workings in a very private way. But I'd love, you guys connect with me. The quickest way to do that is if you just text Nathan, my name to the number 334444444444. That'll give me your email. What I'll do is anyone who does that, I will actually send them the deal documents on the first ever asset purchase I did when I was 22. And that way they can see the first deal. They'll see the email chains of how I negotiated it. And I think that would be valuable. So again, that's just the word Nathan, N-A-T-H-A-N, the 33444. And guys, do that now. If you're jogging right now, you're probably working up a sweat and you're going, I'm going to do this after I shower when I get home. Just go on the side of the trail right now. Do it. If you're driving, just pull over and do that now. Otherwise, you're going to forget Nathan to 3344.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's kind of like the personality test. I don't take them. I don't commit myself to one or two books because then you self-align. Your personality and your ego becomes attached to those books. I'm going to tell you two books and then I'm egotistically attracted to those things, which means I might miss opportunities. You know what I mean? So, I mean, what I'll tell you is one of the first books ever I read on this was Rich Dad Poor Dad, right? Which many people probably have heard of Thinking Go Rich is important. You know, what I'd rather do actually is tell people the pattern of how I'm reading and they can fill that pattern with whatever interests them.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We'll record it. Maybe we will record it in an episode. Will the first deal I do? Maybe that's what we'll do. We'll do it. It'll be very cool.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I didn't even know that I had to think about this. This is the value of having a such confidence telling people that you're going to do something because then they ask you great questions like Stig did and you know exactly what to research to make sure you can do it right. That's the value of just going and shouting your goals, your big goals to the world all the time. Sig, I have no idea what you just said, but it's recorded. And I'm going to go ask somebody really smart how to do that and I'm going to figure out a way to do it.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Exactly, the administrative costs of being public range, I would say it depends anywhere between $750 and $1.3 million per year just in reporting fees and fees to the stock exchanges. I mean, all that stuff. So you can literally suck out almost a good deal $1.3 million in annual cash flow from these businesses that look like they're not doing anything publicly. But you can suck that cash flow out of them by just taking them private.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The simple expenses you incur annually for the reporting to be public are through the roof. If you simply buy that company, take it private and eliminate all the overhead for the reporting, it's cash flow positive. So I can basically start acquiring publicly traded companies, lots of them using this model and run it like a private equity firm basically, but I'm not killing jobs. I'm just killing the CFO or the person doing all the public trader reporting.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I plan to do both of those things. One of the things that when I say hedge fund is you have to think, okay, like I read King of Capital, right? I'm sure you guys have probably read that book. So I study all these hedge fund guys. I love Dalio's all-weather fund. I love unconventional success, which is how Yale's Dave Swenson, how he manages Yale's endowment and the asset class portfolios that he goes after. So that's how I do my asset class in terms of just my cash and where it's going in terms of the stock market. The reason I bring all that up is because you have to then say, okay, you want to have the world's largest hedge fund. How do you start? How do you get your foot into that space to create momentum? And it's actually very, very simple. It's this. A lot of companies that are smaller where the CEO has a very large ego and really just wants to take a company public so he or she can say I took a company public. You can go search and look for companies that have market caps at say less than $10 million in those businesses that are that small.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And what makes it easier too is I know the general buckets of things I'm thinking about. So I mentioned earlier president, real estate, REITs, hedge fund, right? So anytime I'm reading and any one of those buckets are mentioned, I have a little symbol for each of those buckets, which allows me to very quickly, after I read it, go back through and just jot down all of those notes for those buckets, which helps me get closer to those goals.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Mentioned the best governor in Texas. Now I read his book. So it's always a chain. And that's what allows me to retain information so fast.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“What I started doing is people go, Nathan, you read this fast. You don't actually retain information. I say baloney. Not only do I retain it, I put it into practice in my real life. The way that I do that, it's very simple. Anything that I think is a quote that's going to just like really get me fired up in the morning, I'll just underline it. Any name that's mentioned in the book, I circle and any piece of literature, like other books referenced in the book, I will double underline. And then after I read each book, I'll go back through, right? and I'll look at all those things and I will list in show notes in notes people mentioned in this book other books to read from this book and one of the reasons here's a secret I've never actually shared one of the reasons I can retain so much information is it's all connected by one string so if I read a name in this book by Red McCombs that I really liked I'll go read their bio and so the thought line in my brain is Red McComb's book oh red”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Very simple. I got this book. I ignored every three words on the left and right side of the page. I only read the middle and let my pork real vision just kind of suck up everything else. I set a little using my finger, I made it move at a constant level on every line. And if my mindset, wait, slow down, I wouldn't let it because I didn't need to slow down because I didn't care about what the children's book actually said. I just needed to practice basically absorb.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Sure. Yep. So I found a book, a children's book at the library that I know I had no interest in the content. I picked it up and I said, I'm only practicing this to figure out how fast I can read and still retain content. So, I mean, there's some very simple things that I did. By the way, you can't do this on a book you're interested in. Because then you won't actually practice the habits that you need to read fast because you want to study everything.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I just started getting into buying raw land. And there's all kinds of sites that sell raw land. And so I just did a deal. It's a small deal, but I bought a piece of raw land for $1,600. I just sold it for 6,500 bucks, but it wasn't cash. What I did was I did it on a note. So that person's going to pay that off by paying me $200 a month. I forget the term, but a lot of months. And so basically I put in $1,600. Now I have a little cash flow stream of $200 a month for the next foreseeable amount of future. Now I'm thinking, how can I do more of these deals, larger acreage, more people? Who can I connect with that will bring me deals? So you just have to find people that interest you and then just go hard of those spaces.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Put my money where somebody I know really well and that I trust and respect tells me to put my money. And I don't mean if a financial planner, by the way. I mean somebody in that asset class that for whatever reason can't take advantage of a deal that they see and they bring it to me. So realtors, right? Maybe they for whatever reason that month they see a great deal on the MLS and they can't take advantage of it. You want to be the first person at the top of their mind that they're going to bring that deal to, right? Or if someone is...”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“No, he left. He still left. And now he can tell as he's looking at new things to do, he can say listen, like I was making 400 grand in salary at this other place. I was doing 200. I was going to leave. Now I was making 400. I mean, unbelievable position. That is now leverage for him. Anything he does, he can say that. And that little piece of leverage gives him so much credibility across anything else he wants to do. It's very powerful.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“With operating in a space where he had no job so that he could really tell his boss, I am quitting, I am leaving. And here's why. I mean, that's what I mean when I say it really is a mindset more than anything else”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes. And here's let me give you a great example because this has happened with several folks that I, you know, I don't do consulting or coaching because I don't want the money and I don't want that responsibility on my mind. But sometimes if I really like somebody, I do it. There was somebody who was working a corporate job. And I said, listen, like I understand you have kids. I understand you're married. I understand you have real expenses. You're not using your mind to its full potential, but you're never going to unless you cut your safety net and burn the boats. So I said, I need you tomorrow morning when you go to the office, sit down with your boss and tell him you have to quit because you know you're capable of so much more and you don't see pathogening in a south this company. You know what happened? You know what they say about deal making when you walk away you've got to be able to walk away and usually what happens when the person you're negotiating with actually feels like you're going to walk away they give you a much better deal. You know what as boss said, we'll double the salary. It took one 15 minute conversation and it was all just his mind being okay.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In that amount of uncertainty for a week or two weeks or whatever it takes for you to find the big thing to fill that gap with. So what I did is I said, I'm not taking an offer. I said, I have so much confidence in what I'm doing. This offer is not going to help me get to where I want to be in four, five, six, eight years. So I'm going to say no. I'm going to gash myself. I'm going to be comfortable in a space of not knowing what's going to happen and just trust the fact that my mind is going to bring me things that are much higher value than that job would have done. And it's happening. But you have to create that space first. You can't hedge and try and plan everything before you create that space because your mind will bring you the success.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so opportunity cost is a very, very real thing. I'll give you an example. I just sold Heyo. So now I don't have a salary. I don't need a salary, but I don't have one. And one of the things that was going to happen after I sold was I was going to take a position making a lot, a lot of money on a salary for a very successful company that everyone listening right now knows very well. And my fight or flight mind that likes security by the way every human likes security says take that job. But here's what I know. My biggest successes in life come when I first create space in my body and second, that space can be filled with something amazing. The trick is for humans, it's like cutting your body wide open with a big gash. People can't opt.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Can't think the trick to becoming a billion, and people think I'm crazy when I say this, but I mean, I plan to be a billionaire by 34. I plan to run for president and win and win big in 2036. I want to run the world's largest hedge fund, which means I would need about $100 billion under management. I want to do that by the time I turn like 50 or 60. I want to build the world's largest reit, which I've started doing because I'm acquiring storage unit facilities. I mean, I have goals that are individual goals that people spend their whole lives going after. But the trick is I'm already planning right now how I'm going to hit all those things. And I can literally in Excel sheet, if I keep doing what I'm doing, daily habits show you how I become a billionaire by 34.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Would make those and then I would sell them on the school bus. And I've actually kept, like I had a little plastic box with like liners in it where I had everything sorted and I had little custom order forms. I still have it over here. I'm going to, maybe I'll take a picture and put it on Instagram and you guys can put it in the blog post. I then used the referee money to do that. And before the refereeing money, what I was doing was I was mincing my mom to buy 100 piece bags of candy from Costco for about $5.99 and I would take that bag of candy and sell each piece for a dollar on the school bus because everyone always had a dollar if their parents gave them cash to buy lunch. And so parents hated me. I mean, oh my gosh, did they hate me? But I made so much money selling 100-piece bags of candy on the bus.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I did not. I will tell you what I did. What I did was I refereed soccer games when I was very, very young. I would make 30 bucks a game and each game would be about 45 minutes. And then if you refereed 40 games, you would get a $200 bonus. So I was making a lot of money doing that. I reinvested that money when I was young. I mean, I was literally, I was actually probably younger than what you're allowed to be working. I took that money and started basically buying like hemp. You know, you ever see those like bracelets you can make with hemp you like do a little knot and do.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Him when he was 12 years old. It's just he's done it so much now. He has it perfected. So you have to build these habits and do your daily life.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Every single one of them Warren Buffett, Red Macombs, Mark Cuban, almost every billionaire, when they were either 12 or 13. We were doing a newspaper route. And then I questioned myself. I said, Go, I go, why? Why, why, why? Why? If so many billionaires were doing that exact same thing at 12 or 13, that's instructional for parents listening right now. Like, what is the modern day delivering newspaper route for your kids so you can set them up to be billionaires so they take you on nice vacations when you're older, right? Well, what it comes down to is really discipline, right? Getting up at 3 a.m. every morning to delivering paper routes. That is something that takes a lot of discipline. So it's a mindset. It's a mindset. It's being able to get up every morning, excited about what you're doing and execute it. Now the second part of it in the newspaper route industry is if you out hustle the people doing, you know, delivering newspapers two streets down from you, you can acquire their route, right? So this same things that the same mindset principles that Warren Buffett is using to get the Heinz deal, it's the exact same principles he was using to acquire the newspaper route next.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I will tell you, you guys say you study billionaires. There's actually, I'm actually about to put a blog post out, or maybe I'll do an episode on it. Almost 90% of people who are billionaires current today, January 2016 or somewhere in 2016, are worth a billion dollars. Almost all of them were doing the exact same thing when they were 13 years old. Can you guys guess what it is?”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Would much prefer to find people that are just intelligent people that I can work with and do that. And so a lot of my early cash flow, maybe this is really what you're getting at Preston, a lot of my early cash flow, like you're thinking, I couldn't do that real estate deal if I couldn't put 20% down. A lot of my early cash flow came from me selling fan pages, like just grit and hustle to sell fan pages. So I had a pot of money to play with.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I hear real estate's a good thing to invest in. If you ever see a deal, email it to me. I mean, that was like my first time thinking really about like hard assets. And she just wrote me back and said, yeah, there's a three-bedroom. It's a duplex, three-bedroom, two-bath on each side. Sale price is $215,000 in Blacksburg, Virginia. And she said, I think it's a great deal. I think rents could be about $2,400 per month, a mortgage payment if you only put 5% or 20% down is going to be about $1,500. So it's going to cash flow grand per month. She emailed me that on a Friday night at about 430, at about 435, I wrote back and I said, do the deal. I did no research. I hadn't even seen the house. It comes down to Aaron. That's what I mean. It comes down to people. See, if I did all the studying myself.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Let me just say I like attaining assets for free using my influence and persuasion, right? So that's actually one of the big reasons I did the podcast. Every episode is now a bartering tool that I can use to influence other people and get hard assets that I want. Every person in their life influences some other people or persons. And it's actually very easy to get assets just using leverage that you inherently have. You just have to find what that is. Again, you know, my story, I mean, literally when I put myself back when I was 19, I made 70 grand. Okay, boom. Then we got to 30 grand per month. Okay. Then I was using a lot of that money to hire employees and paying myself. Then we raised 550. Then we raised, you know, $2 million. My first big deal was I just, there was a lady named Aaron in Blacksburg, Virginia, which is where I was at Virginia Tech, who was a realtor. And I said, Aaron, I mean.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I like the question, but I don't like the question, Preston. Here's why a lot of people think there's a silver bullet to this kind of stuff. And it is so much more art than science. All you can do is study what other people have done and then try and analyze patterns between your own life. So like the way I think about assets is actually this. And maybe this will be valuable in the show notes. I am now meeting one very, very wealthy successful person per day, right? actually 15 or 30 over two days with the podcast I also meet people in my daily life If I meet somebody and I sense they're talented but unhappy, I'll figure out what asset I can use my cash to put behind them that they will be happy building. Does that make sense?”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Year and a half, year and a half. I mean, I will tell you, I think, look, I'm hugely competitive. I don't get into something unless I know I'm Linda hustle over the long term to make sure I can get to number one. And that was the same with the podcast. So we are going up very, very fast. You guys think I ranked like 26 in business right now, we're a little bit below that. But part of what I know is going to win or help us win is make sure that we've got a system in place that is not dependent on me doing things because the people that will create the most valuable content and have the podcast with the most listeners are the ones that will do it the longest and the ones that do it consistently at a very high level quality. So I'm trying to figure out what can I pay per day to make sure I hit those habits and how much time of my time per month will I need to invest to hit those limits”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To produce the 15 minute episode, to publish it in Libsyn, to do the graphics, to do the marketing, to do the show notes, to do everything. It just happens because I know my time is more valuable than my money”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, first off, you guys look great doing the podcast. You've got the branding everywhere. You've got the video. You've got the pre-show, the post show, you're ranked high, you're doing fantastic. I'm about to tell you something that most people are just, their mouths are going to drop. I have no idea how to use a mixer. Zero idea, none. I don't do anything on the podcast except I spend two days each month in studio and I record 15 episodes each day for 30 episodes over two studio days. I then take those files, which are saved via ecam on Skype and I simply upload them to Google Drive and then I have a team that I pay an effective rate of about $32 per day.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's not worth me spending the time to learn how to code. So I basically have five months to sell. And if I hit my target, then I have, you know, a week to learn and another three weeks to actually code and execute all these things for people. So what happened was I hit the 70 grand. I sold 100 of these at 700 bucks a pop. My PayPal account was super full. I then watched YouTube videos from this little man, okay, this little man was teaching FBML on YouTube. That's Facebook markup language. So I taught myself for free Facebook markup language. And then I started implementing these things and then quickly learned the key to passive income is to stop charging $700 per project and instead build software that allowed the end customer to use it themselves. That way I can just be a middleman and collect 30 bucks a month for each person that wanted to use my drag and drop software.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it was. Many people, they go, Oh my gosh, Nathan's on the show right now talking about a software company, but I can't do a software company. I don't know how to code. I don't know where to start. Well, guess what? It doesn't matter. I was architecture. So what I did is I went home and I called folks and basically once I sold them and that usually I would have to make 10 calls to make one sale. That was my ratio back then. I'm much, much better now, by the way. But I would call and say, hey, I need you to go here to my PayPal account and send me 700 bucks for the custom fan page. And this is critical. Listen to these words carefully. I need six months to deliver you the quality of product I want to deliver. If I can't give you that quality, I'm going to refund you out of respect. Is that okay? Now, who the heck's going to say no to that? Of course they're going to say yes. That's like, they're like, wow, this guy's refreshing. He cares about quality, right? I mean, in my mind, what I'm going is, if I don't sell at least 100 of these at 700 bucks a pop for 70 grand.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Go into pinball machines, and then you go into vending machines, then you go into real estate, and then you go into software businesses, but you have to start.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is the world's biggest lie when people believe that they don't have enough cash to get started finding an asset? Because you can look at very simple things and you only have $100 and you want to follow the advice that we're talking about. You would go in and you would start looking for assets that generate cash flow in your daily life that you can buy for less than 10, 20 bucks. An example of one of those that I did very early on. I'm talking I was like 17, 16 because I noticed that in every coffee shop, they have these little things you put 25 cents in and it spits out chocolate covered coffee beans or something like that. And I said, wow, all I got to do is really fill that up maybe once a month. And then I just get a bunch of quarters. I wonder what it would cost to buy one of those and do it. So I just bought a few of those, like 10 bucks each, 10 bucks, but they were returning, bought 12 bucks per month. Like, oh, cool. Okay, that's basically two bucks a month for a little unit per thing. And then maybe.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, finding the right assets for any individual is a lot like the first steps of cooking macaroni and cheese, right? The first thing you do is you boil the water, you put on the mac and cheese, and then it gets soft. What you need to do then is strain the water, take all those little macaroni things, those macaroni things are like your opportunity, chuck the whole thing at the wall, and like four of them are going to stick, right? But there's probably 300 you just chucked at the wall. The trick is you have to understand you're going to lose money on throwing the macaroni. But before that stick are going to turn into great waterfalls for you the rest of your life that is like a faucet of cash flow that you just can't turn off. Most people, what most people struggle with stig is they...”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Right. So, what he did was he implied something. And then because of that implication, he got back amazing deals and discounts from every radio station, picked the cheapest one, and then spent his money there. That's what a millionaire would do. They would read that and go, wow, that sounds great. What I'm doing with that is I am doing that with the podcast. So I'm in Blacksburg. I reached out to the top three radio stations. I said, I'm willing to spend next month. I don't have an advertising budget, but I'll make one. I'm going to spend next month's entire advertising budget for the podcast on one radio station. I'm literally just like, you know, we'll post maybe a slide.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In Reed McComb's bio, on page 46, one of the things he talks about was he was trying to use radio and buy radio ad space to grow the amount of foot traffic going into his dealership in San Antonio, Texas. And so what he did is he got the top three radio stations in a room and said, I am prepared, listen to my wording very carefully. I am prepared to give you my entire radio advertising budget for the next month for whoever sends me the best price. So in their mind, they're just sitting in this luxurious cardio ship going, his budget must be huge. Well, based off what I just said, it could have been a dollar.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Thank you for those kind words. I will tell you studying biographies of successful people is one of the best uses of anybody's time. And then where most people fall off, the difference between millionaires and people that become billionaires, I think, is because millionaires will just read the books. You know, one of the things that I do is I have all kinds of psychological things I do in the books where I will then, actually, I'll tell you guys, can I take an example? Is this okay? This has to do with passive passive.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It literally just happened, and I recorded the wholesale process, the negotiation, how it ties in with Warren Buffett on my podcast in a little three-part series on the top entrepreneurs. So your audience can search the top entrepreneurs in iTunes if they want to listen to that. I actually recorded the process.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So I just recently, this was about five months ago, it's January now, about five months ago, we got an acquisition offer for Heyo. And I wrote back. You know, I got to the point where we basically had four or five people companies interested in buying the company. I said, on Friday, it was like a Monday. I said, on Friday, I'm making a decision which LOI, which stands for Letter of Intent, I'm going to sign. So I emailed all the four companies that were interested and said, send me your best LOI before Friday. And so they started sending me them throughout the week. The first email I wrote back to every one of them was before I make a decision on Friday. Is this your best offer? And guys, you're not going to believe this. The guy that got the winning bid, I sent that same email back to him three times and every time he doubled his offer because in his mind he was going, oh my gosh, he must have a better offer from one of these other guys. I need to like increase it. All I did was write back for three days straight. Is this your best offer before I make a decision? And we quadrupled the price that he initially started with. So we sold Hale.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If someone gave him an offer, he'll simply write back and say, before I make a decision, is this your best offer? And usually people will write back and just shave cents off the stuff.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I love actually, I will tell you something about Warren. So obviously you have Snowball, you have tap dancing to work, all these great books. I've read them all. I forget which book it was in, but I remember, you know, he always says, you notice this when it gets on CNBC or whatever and says that he just did a big deal. He'll always say, because you need to make the other person feel good even after the deal, he'll always say it was a deal that I just barely liked. It was barely a fair price, right? Because if the other person's watching, if the other person's watching like the big car dealership chain, I forget the name that he just acquired or bought into, that other person needs to go, yeah, baby, I got a great deal, right? And if Warren said, if Warren went on CNBC and said, I just got a great deal, the other person's going to feel like crap. So Warren says, I got to barely, I got a price I barely liked. So that's one part. The other part is, and you guys, I don't know if you know this or not, I use three words, actually five words. Warren used this when he did things like the Heinz deal, when he's negotiating.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“There's a bunch. So one of them, it's a guy named Red McCombs. I actually have his book and we'll put it in the show notes, but it's about Red McCombs. He was the founder and creator of Cumulus Radio. So one of the reasons I'm studying him is because I have a podcast like you guys do that is doing really, really well. It's called The Top Entrepreneurs Podcast. And the first question I always ask on the show is how much money did you make last month? And it's usually the CEOs of big businesses. So, you know, one guest did 900 million last year.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“While you can't take the same steps, but what you want to do is you want to study the heck out of them so you know exactly how they did it. And when you feel inside based off the time you are in your life, that you can test a part of their success story and do it differently, have the ego and it does take good ego to make those changes and do it because you'll never do the exact same thing and have the exact same story and have the exact same success.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You've And there is nothing from a wisdom and a soul perspective. There is nothing that an older person, and I don't mean really old, I mean, you know, an older person, even me, seeing someone who's 15, I'm going to be really, really excited about investing in a 15-year-old I see or a 50-year-old's going to be excited about a 26-year-old they see if they can see their younger self in that person. And so really, if you can study people that you're trying to attract into your life and then be a bit chameleon-like, right, in terms of body gesture, in terms of when you talk to them, use their same tonality and speed. If you know they write with, you know, a black uniball ballpoint pen, make sure for that meeting you bring the same pen so that they go, oh my gosh, we're using the same pen. It's like the little things help them see themselves in you. And then you just become like an arm or a leg to them. It's a natural extension.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So being ignorant and making them become my teacher, even if I already knew everything or thought I knew everything, you have them hook, line, and sinker.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's what's great. And this is, I think, an important lesson, even if you do know it, you should act like you don't have a clue. Because what I did is I sent out monthly updates. And to like people I respected and eventually Preston, people started replying, going, can we invest in your Series A? And I wrote back and I said, what the heck is a Series A? So I knew a little bit about what it was, but here's something else I knew. The more mindshare that I consumed of these people that wanted to put money behind me, the more in they were.”
2016-02-07 · We Study Billionaires · TIP 072 : Creating a $10 Million Dollar Company by Age 24 - w/ Nathan Latka (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT