Building a Business When You Don’t Feel Ready 🏭 EP139

Ladies and gentlemen, welcome to a special edition of the Money Mondays podcast where we cover three core topics. How to make money, how to invest money, how to give it away to charity. This next guest has built up a very, very impressive company, so much so that I actually joined as one of the executives to help on the advisory to help them scale because I was so impressed with everything that they were doing. So we're going to go into how to scale a company, how to raise funding, a lot of things of why he even decided to build this company because what's really important for you guys is these podcasts are not just for you. It's people in your past, present, and future. You might be at a lunch, you might be playing pickleball, and someone wants to learn about building a tech company or being in a course or creator, or someone wants to understand how to raise money or exit a company. You might be able to share this podcast with them, so don't just listen to these podcasts for yourself, think about the people in your life from your past, present, and future. The whole reason for this podcast is we grew up thinking it's rude to talk about money. I think that's ridiculous. We have to have discussions about money for your finances, taxes, fight-go score, should I rent, should I buy, should I lease? There's so many questions that we have that are part of our daily life. This is how you take care of your mom with her medical bills or your friends or your kids or dinners, lunches. There's so many things that you just spend money on that we need to have discussions about it. There's nothing rude about it. We have to be able to talk about it. That's why this podcast is done so well because of you guys, liking, commenting, subscribing, sharing, et cetera, that's helped us drive us to being staying consistently in the top 50 podcasts on the planet. It's because of you, so I want to thank you guys for that. Now, without further ado, as you guys know, these podcasts are under 40 minutes because the average commute to work is 45 minutes. The average workout is 45 minutes. This episode will be between 32 and 38 minutes for your listening pleasure. Yash, if you can, can we please give a quick two-minute bio so we can get straight to the money? Yeah, absolutely. I want to appreciate you having me on. Of course. So a quick background on myself. I'm the founder and CEO of FanBasis. I've been a serial entrepreneur, started multiple different businesses, had some sort of business running since I was about 13 years old at any given point. Prior to starting FanBasis, worked in the venture capital space for a few years, and then also built another startup, which I was able to exit at a pretty young age right when I was in college. And after that, I had a lot of experience in the info product and agency world as well. I've had my own info products and agencies specifically on the marketing side. So very, very well versed in the internet economy space and how to make money online space, which is kind of what led me to start FanBasis. What the heck is FanBasis? So it's a good question. Basically what FanBasis is is the all-in-one tool set to sell digital products, services, and communities. The best way to think about us is we've created the Shopify for selling anything online, where not only do we handle your payments and processing, give you the ability to collect as much cash as possible, but we give you all the tools you need to actually host your business online, whether it be your course, your community, or integrating with about 10,000 different software platforms like a Discord or a Telegram. And on top of that, what we love to do is help everyone that's on our platform make more money. So we give you all the tools to build an affiliate program or increase conversions on your checkout funnel. Our whole concept and mission is to help digital entrepreneurs make more money and streamline their operations. So we see a lot of people that join our platform that are already generating hundreds of thousands of dollars or millions of dollars a month online. And our mission is to have it so that we can enable them to double the size of their business after being on our platform for 12 months. So who is the perfect avatar? Who is the perfect person that should be on something like FanBasis? There's three types of users on our platforms and sellers. The first is someone that's got a personal brand and an audience where they might be a quote unquote influencer, but they're not the influencers that you grew your career working with that have the managers and the agents. Instead, they have a COO, they have a head of sales, they have media buyers, and they're running their personal brand as a true business where all the content they're posting is kind of funneling towards whatever offer and business they're hosting on our platform. So that's one, which is what we call like the creator or the internet entrepreneur. Second is more of a community based business where they have, you know, maybe they have no face to the brand, but they have a large social media presence and they have hundreds of thousands of followers across Instagram, YouTube, TikTok, think like a crypto trading group or a sports picks group or something along those lines where there is real community there and they've built a really solid platform and they utilize FanBasis to monetize all of that and help them make more money. And then the third type is more of a just an online business of some sort where it could be a marketing agency, it could be a faceless YouTube consulting channel, whatever it might be, you know, they're selling digital products and digital services and they can utilize FanBasis to not only handle their payments, but everything else in between as well. So you are spearheading the new world of making money, which is the main topic at the beginning of these podcasts is about making money. There's 15 year old kids and 22 year olds, etc. that are making real money from selling things online, whether it's what's in their mind, what's in their hearts, what they're passionate about and they're teaching people and making serious money. They're making courses, they're creating amazing content, etc. Walk us through the new age. When you see these 15 year olds and 22 year olds and 25 year olds, etc. start making $500,000, $46,000, $120,000 in a month, what changes for someone as a young kid as they start making that kind of money? So it's really, really interesting because we have a very unique perspective on how people make money online. We have a bird's eye view on how tens of thousands of different businesses are operating and we also know what the guys that are making, you know, one to $10 million a month are doing compared to the guys making 10 to 20k a month are doing. When it comes to this younger generation, it's crazy. There are like, there's 15 year olds that are on our platform generating six figures a month. One of the hardest to get. It's really crazy. One of the hardest negotiations our chief growth officer had was like three weeks ago. He was speaking to a kid that was a sophomore in high school. He was selling a program on how to build an e-commerce business, doing a phenomenal job doing that, generating about $60,000 to $70,000 a month was giving him 15 years old, giving him an extremely hard time about the rates on every single thing. No, can't meet 2.6, I need 2.44. Exactly. It's wild. I think there's been a shift where you've been in the space for a while. Info has been something that's existed for 15, 20 years now. It's obviously evolved over time. I think post COVID, this is when I got involved in the space. I didn't even know what info products were until probably 2021. I think post COVID, there was an actual shift in not only the way people consume knowledge from utilizing the internet or what really I think caused that was TikTok, where people became really addicted to short form content and were consuming information very quickly. Before chat, GPT, when I had a question about something, I'd honestly go on TikTok before even anything else. I think what that's done has also made it really, really easy for people to acquire audiences. Some of these younger guys, it's not like they're going, they're like, oh, I'm going to build up my audience to sell something online. They're already building something online, and then they share their story utilizing different social media platforms. People that are younger than them, even older than them, can relate and they're like, wow, this 20-year-old kid can do it or this 18-year-old kid can do it. I want to learn from them and be able to do the same thing. They're able to really cause a large ripple effect and get thousands of people the information and knowledge they need in order to build their own business and potentially change their life. You scale this coming. Every time I talk to you, you go from 40 employees to 15 employees and 16 employees. Every time I go there, I see there's just more and more employees. How do you attract employees to come work at fan bases and how do you keep them? It's a great question. We've actually never had anyone quit. Wow. Yeah. Wow. I think that- That's really rare in tech space, by the way, because everyone gets poached and recruited and they're constantly getting messages in their DMs and LinkedIn like, come on, come work for us. Yeah, it's really funny. One of our competitors that is also in this space, probably on a weekly basis, desperately tries to offer one of our employees half a million dollars or a million dollars a year. No one's ever going to take that though and leave. I think we've done a phenomenal job at is creating a culture that I've never seen before. One, the average age at our company is about 25 years old, 26 years old. On our growth team, it's probably like 22, 23, which is crazy to begin with. It's crazy to me that half the people that we have at our organization are younger than myself. That's one. The second is, anyone that's been here for more than two or three months has seen growth and been able to contribute towards explosive growth that they wouldn't be able to replicate anywhere else. Everyone knows that. I think what we do a really good job at is, before someone joins the organization, we filter out tons of people that might have the right talent and they might be a good fit for the job on paper, but we know they're not that individual that wants to be with us fan basis until exit or IPO or the next 10 years where we don't really like to hire people that just want a job. We want to hire people that want to be a part of what we're building. Very cool. As people start making money, and you go from making 60 grand, 80 grand, 120 grand, 150 grand, 200 grand, et cetera, when is it time to start to consider, maybe I should start to invest my money rather than just keep hoarding and putting my savings account? I think this is the most fundamental flaw that I see with some of these younger info guys. I have friends that just have like five or six million dollars sitting in a checking account. That's it. I tell them all the time, like, hey, I'm going to make some introductions for you. They just know they're really, really good at making money, but they don't like to do things they don't understand in a lot of cases and that scares them. I think one piece of advice I would give to anyone that's under the age of 30 that has generated over seven figures or even over half a million dollars and has that sitting in a bank account is start learning how to invest that because you can compound interest is a real thing. You can make a lot of money over time. I think that is a huge gap. There's an info product to be built just here alone on teaching other info guys and agency owners how to invest their capital and make more money with that. That's my main speech. It's called 404020. Low risk investing, medium risk investing, high risk investing. I walk people through during my speeches from stage why you should invest to make five to nine percent a year on your low risk investing just to fight with inflation. Someone you mentioned has five million dollars in their savings account. That means next year that five million spends like it's four point five million. The next year it spends like it's four point one million. Three years from now it's spending like it's three point six million. It's literally losing value. It'll still save five million in his savings account but it spends less. Eight to nine percent a year less. They go try to buy a Ford truck. It was fifty grand now it's fifty four thousand. They go try to buy this microphone. It was two hundred now it's two forty. They don't realize everything got more expensive and it's happened year after year after year. No matter who's the president in between it's still been around eight or nine percent a year and so you have to invest to fight with inflation. And on the medium risk side that's where you can make that ten to thirty percent a year on like real estate business you know cash line businesses and the stock market. A lot of people think of the stock market as the super risky thing. I look at it for the basics. Rocket science. Do you shop at Amazon. Maybe you should buy some Amazon stock. Do you have an iPhone. Maybe you should buy one of the best performing stocks in human history. Apple. It's the Warren Buffett model. You know he invests in things that he uses on a day to day basis. He likes Coca Cola so he owns a lot of it. Yeah. He likes chocolate so he bought a huge chocolate company. Right. It's I think what happened or what happens is some of these guys go and they're like OK I'm going to invest in stocks. They go on Robin Hood. I've seen it firsthand. Right. And they'll go and generally gamble you know a hundred thousand dollars on a random company lose 30 or 40 grand and now they're like oh. And they try to trade it and then it goes back up and they try to buy it again and they sell it when it goes down and it's called catching a knife. Like it's just like going through the roller coasters. I invest into things that I never plan on selling. That's that's yeah that's exactly how you know my dad taught me. How to invest as well. Why would I ever sell Amazon stock. Yeah. I think Amazon is going to slow down next year. I think Apple is going to not be as good. The iPhone 17 came out. What happened. Yeah. It's three hour waits outside of the store. I want to own that stock. Yeah. Right. If Netflix everyone we know is watching Netflix. I want to own Netflix stock. I don't have rocket science to my investment theory. I just look at companies. I see Tesla everywhere. I'm going to buy some Tesla stock. At the very very least you know get a get a private banker. If you have seven figures in an account you'll get a private banker at any bank that you're at and you know they'll be able to help you at the bare minimum get into a money market fund or five percent a year something something because it does compound especially when you start to make and have real capital. All right. So on the investing side of things you can get bombarded with options real estate stock market cashline businesses angel investments cryptocurrency NFTs investing into your buddy's restaurant or nightclub there's so many things people can do how do you decide when there's so many different options what you like to invest into. So one it really depends on the deal flow that you have access to right that is the most important thing. It's like I can't tell someone like I personally like to allocate you know 10 percent of my funds to more like angel and venture style deals which have astronomically high returns right. Yeah. But it's you know way way more risky. I worked in BC. The whole strategy was you invest in 10 companies hoping that one succeeds and you expect the other nine to fail. That's kind of how it works. Now the issue that people do is like oh I want to start angel investing and then they have access to shit deal flow. And you know it's not like like I'm investing in one out of five deals I look at it's more like one out of like 50 to 100 if that where you need to have connections in the space that can get you access to these opportunities that make sense. And if you don't go and invest in a really good fund yourself and don't you know just don't try to be this is way more risky than being a stock picker you know try to do it with people that are you know professional investors. So I think you know angel and venture that's something that a lot of guys in our space also like really get excited about and look at. It's very difficult to do that. Well most people end up losing money because they don't have access to good deal flow. They also don't know what to look for. If you it's it's hard to now as a you know someone that's been in the tech space and built a tech company for many many years I understand what things to be looking for because I've also gone through that myself. I've made those mistakes you know I can see when you know is this founder the person that's going to be able to build this into a nine or ten figure business. But you know most of the time you're not able to really do that if you haven't had those experiences. If you build an info product the same knowledge that you have doesn't really relate to building a tech company. You don't know about raising capital you don't know how to burn capital and invest that properly in growth. So you know I think it's important for anyone that's in the Internet economy space that's used to building cash flow businesses to understand that there's a lot more risk when it comes to angel and venture investing. Outside of that personally you know I like to have my different private banks set up. They you know the other thing about private banks is obviously you know this but most people don't realize is it's not like they're just investing your capital into the markets. They have their own different products that they give access to high net worth individuals for and that they have you know allocated towards only a select group of people. So I like you know opportunities like that because some of them are very very exclusive and have you know basically like nothing has guaranteed returns but you know this investment bank is putting multiple billions of dollars into their own product you know I'm okay with putting a couple hundred grand into it. Right. Yeah so you know I personally am not fully invested in real estate or anything like that. My father has a larger portfolio but I like to stick to things that you know I know well. So on the raising capital side I saw a press release you guys raised twenty million dollars from some cool people like Ryan Sirhan venture capital firms etc. Why raise capital walk us through the concept of raising capital someone listening that might want to raise capital. What should they be thinking about. Yeah it's a great question. So you have to think about it differently depending on the phase that you're in. When you're at a pre-seed or a seed you know round basically at this point you've gone some sort of initial traction or if you're pre-seed maybe you just built the product out the people that you're going to get to invest here they're they're they're investing in you that's purely what it comes down to their they like the idea that you have but you have to sell them on yourself you know this is you're not betting on the horse you're betting on the jockey that's just how it works mostly friends and family. Yeah exactly you know for pre-seed friends and family is the best way to go about it and for seed try to get strategic investors. I found a lot of success with that and they one if they're strategic they'll understand what you're building. Second if they're strategic they'll also be much more likely to invest if they if you show them an opportunity and you show them you're solving a real problem that especially they have faced. When it comes to raising a series A you know in our personal case or my personal case we are at the point where we are cash flowing pretty significantly which means we are profitable. We didn't have to raise a round it was more of you know with the competitive landscape that we had some other companies raise a lot of capital we don't want to be outgunned and at the same time we had a plan for how every single dollar was going to be allocated to you know turn us from where at that point we are maybe an 80 to 100 million dollar company we saw a real opportunity to you know take a little bit of dilution on take 20 million dollars in and grow it to a multiple billion dollar business with just that round alone. So you know you really have to understand the ROI I see a lot of founders make mistakes and really a lot of founders even now especially now are making the mistake of just raising too much capital for the sake of raising capital and they want to announce around and get the PR headlines like that can't be the reason that you're doing it you know you really have to have a really solid plan in place and show okay like you know don't skip out on that financial model invest in that properly understand like where every single dollar is going to go and how you're going to make sure you get to that next goal. How do you decide when the right time is? The best time to raise is when you don't need to raise you know that's that is really what it comes down to and I've gotten that advice from a few people you know we were cash flow positive we had 20 investors knocking on our door that wanted to lead our series A when you know you have two months of runway left and you're burning a million dollars a month it's a little bit tougher to raise around at that point because you're not not as attractive of an asset and even if you like to invest in momentum. Maybe you do have that momentum but you didn't plan properly now you're going to get screwed on your terms you know you're in a position not of power you know that's that's really what it comes down to so the best time to do it is like if you you know you see that you have like 12 months of runway or 16 months of runway left assuming you're burning capital then you know this is where you start planning for this at least have those conversations maybe you can like I you know I think a good approach is also going to these VC funds and say hey we're not raising right now but it's still good for us to connect and then you know show them what you're building get them excited about it and when you you know everyone wants the everyone wants something that they can't have right so if you can position yourself as that hot girl in school they're going to be following up with you for months and months and months and then when you are ready to raise that round you know instead of taking a whole three month process to go and speak to every single fund you already have 10 people that are ready to to write you a check also I think something that's a huge win is if you can give them projections that you know at that time when you connect that you end up beating we are the first company that left-wing invested in or I don't know if the first but they told us we were one of the few companies that gave them project gave them projections that we absolutely blew through and this is not like I mean one we did this before we raised from them we connected with them about seven months prior and we gave them those projections then but also the model that we built out I mean we beat our own projections for the sake of doing that we look at our projections as like worst case scenario this is what we you know we have to hit and then we have our own internal projections of like what we actually want to achieve and and do this is something we're like if VCs don't see that very often so if you can show them projections that you're able to beat and then you actually stay true to that they're going to be so impressed with you that they're gonna you know they're gonna prioritize your day so someone is built up a following they're listening they're like you know what I have 55,000 followers and my girlfriend or boyfriend they have a hundred thousand followers at what point can someone start making money as a coach course creator or influencer so I think the first question you have to really ask yourself and understand is am I a good operator do I know how to build a business because we see a lot of cases where you might find someone that has two or three million followers has hundreds of thousands of views and likes on every single post that they have and they're only making fifty to a hundred grand a month and yeah I'm saying only making fifty to a hundred grand a month because it's all relative right you know fifty to a hundred grand a month is a lot for a lot of people but if you have four million followers and you're only making fifty to a hundred grand a month you have a serious issue with the way that you're building a business at that point you should be generating minimum seven figures a month so what that comes down to is the the ability of that individual to be an operator right do they have the ability to put the right people in front of them and you know around them to lead their sales team lead their marketing initiatives create funnels and ideas I think you know you don't end then at the same time I was just telling you about a guy that's generating you know over a million dollars a month he's got 6,000 followers on Instagram and 70,000 subscribers on YouTube it's you know it can scale very differently it's how strategic you can get with it so I think the best way to look at this is if you have a following of call it fifty to a hundred thousand people on whatever social platform it might be you know at the end of the day Instagram and YouTube are probably the two best one follower Instagram is worth 10 followers on TikTok that's the kind of the rule of thumb what you have to evaluate do you think you're you know the person that can be a CEO if not find someone that you know that can be actually leading the business endeavors and you can be that marketing engine you just need to really be true to yourself and understand what are your skill sets and what are not your skill sets that's what a CEO does at the end of the day with what I do you know even for fan bases is I bring in the best people I can find for leading my sales team leading marketing leading customer success you know they're all hopefully better than me at all of those things if not I didn't do my job well so that's how everyone that's building any sort of business should be thinking about it and at the same time something that we've been seeing work really really well and what we're actually productizing this right now is you know if you have a large following say you have a hundred thousand followers in the fitness space in the fitness space we see this all the time because you get a lot of you know meatheads that actually like do a good job they post interesting content but they are not the guys to run their own business what you should do is find people that you see having a ton of success and instead of building completely on your own partner up with them do a JV it's uh it's called a joint venture you know where they've already built the infrastructure they have a sales team they have a marketing team they have leads coming in instead of building everything from scratch when you have to be true to yourself and know I don't have the ability to do that on my own um you can partner up with someone else and then be an extension of their business and split everything 50 50 uh and then eventually you can start your own business so that's kind of I think the two best ways to think about it so why invest so much money into the tech right not like come up with your four or five main features scale the business and have this lean mean machine why go out and scale all the different versions and verticals and things that people are asking for for fan bases yeah it's a it's a great question and there's kind of two approaches that people take you know up until up until probably two months ago three months ago we were trying to just get every feature that everyone on our platform needed what is a must-have uh where these are the things that they need to have on their you know in their business to be able to operate it and scale it you know efficiently now the way that we're thinking about it and where a lot of the investment is coming from is what can we add into the product that people don't know they need and that's where real innovation comes that's sort of you know that's what Steve Jobs' whole thesis was is how can we innovate you know and tell people and show them what they need so that's how we're thinking about it and the real advantage that we have over really anyone else in the space is we've our whole team is built from people that come from the space you know we've poached some of our clients that have joined and joined our executive team leadership team and you know we partnered up with individuals like yourself that can give us that advice that we need for everything that we're thinking about so we can validate the you know market for every single idea and product that we have before we actually build it and then when we release features like that that's where we get insane customer loyalty because you know if someone's making a hundred thousand dollars a month for example and they come and join our platform and they're making a hundred thousand a month for the next six months they're like okay great you know i'm using this service it works it's getting the job done for me but if we can show them ways to get from a hundred thousand a month to two hundred thousand a month that's where i can charge them whatever fees they want they're not never going to leave because you know we've been able to provide them with an immense amount of value so that's how we're you know that's where all the investment is coming in where we're spending millions of dollars but we're also making it back on the back end because it's helping all of our sellers make more money as well which comes back to us eventually too right so talk to me about the charity side of things why do you think that a company like yours should have either a charity event or go support a charity go to a homeless shelter go to a children's hospital go feed a senior citizen or a homeless shelter like why do you think that chair companies should have some type of charity component not necessarily the check but getting the people together yeah um yeah i think it's super important one you know we'll be uh supporting your toy drive as well so excited excited about that but the actual original version of fanbase is we used to host a lot of charity sweepstakes so we partnered up with people like Dennis Rodman Mandy sacks we did an event with Floyd Mayweather where you know a good chunk of that all went to charity um one you know obviously was for those individuals wanting to support their causes as well but we wanted to enable all of that and be able to spread those messages across the way I really look at it is you know I I've also grew up from I grew up in a way where I understood the importance of giving back pretty early my dad for example when we were growing up he would never do anything fun on his birthday he'd always go to the soup kitchen which at when I was a kid I was like what the hell you know something fun but now I get it you know and it's uh it it was inspiring as I grew up to like think about things like that so you know I see a lot of people that are very very charitable and they're silent about it too um which you know I think it helps you one humble yourself and also give you more satisfaction and longer on and just better karma you know every uh anything that you put into the world always ends up coming back to you so there's only one question I ask on every episode and I've never gotten the same answer in 200 plus episodes fanbases becomes a multi-billion dollar company but you're young so you might start another company another company and you might invest into a lot of other companies and so you end up becoming this multi-billionaire over the course of time but at the end of the day you finally pass away what percentage of your net worth do you lead to your children? That's a good question um you know there's there's a few different kind of models I've seen some multi-billionaires take at the end of the day I think the most important thing for anyone raising kids because I you know I went to private schools growing up and I saw some people that were absolutely spoiled for sure and were driving ventleys in you know in high school yeah um and uh you know my and people that their families were very very wealthy but they were all very humble and their kids were raised properly um I would want to put my kids in the position to be able to you know have everything that they need go to the best schools and you know be able to live comfortably to where you know when they're in college you don't need to worry about working four jobs to be able to pay for it and things of that nature and be focused but they need to have that level of ambition so I think you know I can't give you an answer on that right now because I don't know what my kids are going to be like yet if I raise them right then I'm more than happy to give them all of my wealth um because you know I know that they're not going to be motivated by my wealth they're going to want you know have their ambition their own ambition to achieve things that are much further beyond what I've been able to achieve myself but if that's not the case they're not getting anything you know they everyone needs to earn it yeah all right so where can people find fan base this you tell us everything uh yeah absolutely I yeah anyone that's looking to build a business online go to fanbasis.com go and sign up you'll be able to hop on with one of our uh a member of our growth team put referral code Dan Fleishman in and we'll take extra good care of you and make sure you get the best rates just as a favor for anyone that's listening uh um to this podcast um and then on top of that you know what our team likes to do is not only help you get set up and run your business on our platform but like I said many times we want to help you grow your business and get to that next level whether it be at $20,000 a month or a million dollars a month um and you you can also find us on instagram at fanbasis or my personal instagram at yosh daftree always looking to connect with like-minded entrepreneurs and people that are interesting to have a conversation with all right guys you're listening to the money mondays and again the concept of this podcast when you hear something like this there might be someone in your world that wants to start selling a course they want to be a creator they want to start selling how to do stock trading they want to start teaching how to make custom sneakers they want to start teaching about food diet fitness health etc you might be able to send them here and then they can learn about fan bases and all of a sudden they have one of the best companies has their platform all because of your referral your recommendation so keep your ears out keep your eyes when you're seeing people on post on social like looking for a new company to work with on this this and this you might be like oh man i remember fan bases hey i'm looking for this this and this oh wait a minute and you need to forward them a website or you forward them this podcast episode this is really important your sharing of information in that communication the butterfly effect can literally change their world and a lot of other people's simply by you helping them with referrals so as always liking commenting subscribing is what helps us stay on the top of the charts so i appreciate you guys for doing that it really helps us when you're checking things out check out some entrepreneurs like yash when you see their social media when you see the company that they built watching those type of things watching that type of information will help you learn compared to a lot of the noise and a lot of the bad stuff that people are falling on social media try to filter out the same way you filter out what you eat what you drink filter out the things that are going into your mind so you can focus and learn from people that you are inspired by here at the money mondays and we'll see you guys next monday at the money mondays dot com ladies and gentlemen welcome to the money mondays podcast where we cover three core topics how to make money how to invest money how to give away the charity as you guys know i keep these podcasts to under 40 minutes because the average workout is 45 minutes the average commute to work is 45 minutes this episode will be between 32 and 38 minutes for your listening pleasure now this is very important when you listen to these podcasts keep in mind it's not just about you the things that you hear and the people that i interview might be for someone from your past president or future we have to think about and talk about money because it's part of our daily lives we all grew up thinking it's rude to talk about money i think that's ridiculous it's part of your rent insurance taxes medical bills for your mom kids friends employees so many things come up with money it is not the root of all evil it is part of your daily life and it's really just a utility and a tool the things that you want in life and the things that you need in life and we grow through inflation and all the things that are going to be happening in our society you're going to need more and more capital so we have to have blunt discussions about how you can make more money invest more money and so without further ado i'm going to have mr dr j felman give it a quick two minute bio so we get straight to the money all right dallas have some fun thanks for having me so really quick bio uh went all the way through medical school parents pushed me that direction probably because of money money and respect that's pretty much guaranteed as long as you make it through about halfway through medical school i started a supplement company supplement company took off got really good at marketing started a marketing agency by the time i graduated medical school my fourth year we were making more than most of the doctors were making and they were miserable every day i would show up to the clinic and just be surrounded by people that hated their lives so i was distracted became a family medicine resident which is a three-year track only did the first year and then left to pursue marketing full time started a pr agency otter pr we grew that to 60 employees eight figures in in three years and then i started teaching a lot of what i was doing to market that pr agency so now if you google me you'll probably see me as lead gen j on youtube we teach b2b lead generation and we install cold outreach systems for smbs medium-sized companies okay what is lead gen lead gen is making people aware of your product and offer that don't know who you are in the first place that's the difference between lead generation and sales essentially somebody who doesn't know who you are versus somebody who knows who you are we handle that top of the funnel people who have never heard of you before we put your product your offer out in front of those people what percentage of entrepreneurs and business owners should have some form of lead generation 150 percent if there was i'd say it's the biggest pain point in most companies is how do you market how do you get people to know about your thing some of the best companies and products in the world are you know go under the radar because they don't know how to get people's attention so we've we've gotten really good at that and doing it at scale so let's say entrepreneur business owners listens to this podcast and they're like you know what i do need pr but i want to hire in-house what's the difference between hiring someone to work in-house versus hiring agency like otter sure so now we're talking about pr and this is true of everything lead generation pr agencies if you hire an agency you're usually hiring years of experience and processes and relationships and you're hiring all of the mistakes that they've made with past clients so if you bring someone in house you better hope that they're going to be able to do everything and they're not going to be able to fall back on people with more experience so by hiring otter pr my pr agency you know we've got 60 employees a lot of our publicists have 20 30 years of experience yeah we've got a whole staff of writing staff we've dealt with clients across multiple industries we've got publicists that specialize in across multiple industries and have relationships right at media media channels that cater specifically to those industries so if you hire otter pr you're hiring all of that versus bringing somebody in house you'll probably end up paying about the same that you would pay the agency so although that one person is dedicated exclusively to you are they going to be able to deliver the same results that an an agency of 60 people and you know 200 clients and all of those industry relationships are going to be able to deliver sometimes so oftentimes i say when someone wants to hire in-houses when you want someone for paid media or pr especially like dealing with meta and facebook ads right someone that's really good at it doesn't need to work for you they can make two grand a day selling pillows or tables or microphones or water bottles like this is the problem with hiring people for the lead gen agency sure right yeah you want to find people who are good to work for me good luck they're already making a killing on their own it's the same thing across every other marketing so i'm often almost always recommending agencies yeah because wisdom of the crowd yes when you've got 60 employees it's not just the fact of one employee or one good person there's a lot of people in that room and you get to deal with your hundreds of clients you understand and learn from what it worked for them what was bad for them yes what sucked for them what was great for them and so when they start running ads on tiktok or facebook or press or whatever you know which ones are working because you have the wisdom of the crowd from all that experience alex termose actually made a good point here what he does is he hires an agency and is very transparent with them at the beginning he's like i'm going to hire you i want to know exactly what you're doing i want to learn your processes i want to be involved every step of the way and he's intaking all of this and he's training somebody in-house to eventually take over from that agency and actually really like that model and i've done it a few times the risk is you train someone in-house on what that agency is doing now you make that person ultra valuable they're gonna go start an agency they're gone they're for sure going to start an agency yes and if they go start an agency i'll invest in them yeah because they're so well trained yeah exactly so it's a you know making somebody ultra valuable and marketing is hard so that's why i feel like the job of marketing usually falls on the founder so i have an influencer agency and i have the exact same employees for five years eight years 12 years and some of them the full 14 years that still work for me i've only ever had two people leave and i forced them to go good yeah because one of them was to go work for click up four billion dollar company go i get it yeah and the other one wanted to go start a company and i was like i'll be an investor or a partner or send you clients and they went and did that now outside of that everyone's the same like i named them off the top of my head all day long like family because it's been with me for so many years how do you hold on to them there's a couple of key things one is compensation but it actually isn't the number one driving force right paying someone 80 grand versus 92 grand is not like oh my god they're gonna leave me right away now if i pay them 80 grand someone offers them 120 i better step it up right because they should leave i understand if there's that big of a gap having some way to either have equity or some way to earn compensation based on their work so if they can get some type of percentage for something that they're doing or something that they're creating that very much incentivizes them and the third thing is they're inspired to work there yes right either i inspire them the brand inspires them or they inspire themselves their work creates something their work creates magic their work helps their clients there is another fourth which is the community which is the other staff but that's not always the case because there could be working remote or working in a silo so it's not always getting to work with a bunch of other people and if you do those things and if anyone is missing you might lose them but i've been really focused on having all four things all the time i'm constantly inspiring them and constantly giving them ways to make extra money i'm constantly like i want them to win because of and also i will say if you give them respect and autonomy they definitely don't want to leave right because they don't expect that other companies i've learned that a lot through the lead gen j brand both companies are very separate otter pr and lead gen j otter pr is very much not like a hiring machine we've got hr we've got a whole recruiting arm and all the publicists you know they're paid what publicists typically get paid and we have a lot of turnover we're always trying to get them to stay by giving them raises the inspiration piece isn't quite there the way that it is for the my lead gen j brand and i feel like a core piece of that and you can probably attest this is the personal brand they want to work with with dan fleishman they want to learn from you so as long as they feel like they're learning and they're a part of your inner circle your team i feel like that's a big drive to to draw them there and to keep them there and i've felt like that's the case with with the lead gen j brand too i've built such an amazing team and they don't go anywhere yep on the make money side of this podcast there's a question i like to ask which is what do you think people are held back by from making more money why do you think people go through life and they're making their 40 grand or 50 grand 60 grand 100 grand and they're just complacent they don't want to go to 120 or 150 or 200 or they don't want a side gig or a side hustle like what do you think holds people back from making more money i mean they always say you're the sum of the people you surround yourself with i think that's the number one thing holding people back is they see what's around them and they don't feel inspired they don't feel like it's possible for them to go make more money if you want to make more money surround yourself by people who are making more than you i think that's the ultimate principle here and i know it's probably everyone says that it's true by me sitting here with you you make more money than i do that inspires me that shows me what is possible like what are you doing to make that money things that i never even imagined were you know ways to to earn what you're doing with your companies is is unique uh so i'm now made aware of of new ideas new models and when i think i'm killing it and i surround myself with people who are at that next level now i know it's possible and now i know i now i have a trajectory to get there if you're surrounded by people who are making minimum wage or people who are working in your office job and everyone's under 100k you don't see the ways people are getting you know making a million dollars a month right you need to talk about tax strategies they're not talking about investments no you don't even know how to get there you don't know the channels to listen to you don't know the make money podcast so if you're listening to this podcast it's probably a good you know indicator that you're well on your way uh so the biggest thing is changing who's in the room so at what point for a company is it time to like start doing meta ads start running ads on tiktok or go tiktok live or start doing pr or start doing seo there's so many different options of marketing that are out there yeah how do you know should you just do it on one or when is the time to start get building omnipresence and start spending money across the board it's fun to you ask it's actually the theme of my book that i'm in the process of writing it's the marketing playbook like which plays to implement when there's so many free ways to get exposure now that you should start with those uh make yourself searchable make yourself findable if every social media platform now is a social is a search engine yeah on instagram tiktok all you got to do is optimize your profile and your videos and now people start finding you for what you're doing obviously making content is is great for you know driving free traffic so do the free things first and then once you've got a good way to predictable revenue coming in then you can start experimenting with marketing budget and i think some really good ways to experiment are meta ads and google ads obviously that's changing a lot now with ai uh cold outreach is another really good way for b2b companies to scale top of funnel marketing make people aware of your offer for the lowest possible price then there's some like to haves i'd say pr is one of those things that you probably shouldn't start with but it's going to enhance all of the other forms of marketing yep it's if you get featured in forbs that itself isn't going to drive you business right what's going to drive you business is saying featured on forbs and all your meta ads it's going to be posting it on all those social media platforms so all of the marketing channels then work symbiotically once you implement them in the right orders so what jay's talking about is called the halo effect the halo effect is i see you in the press i see you pop up on a podcast and then when i see your ad i want to buy for me more there's some reason that i remember you whether i saw you on the billboard the podcast the press etc when i then see your ad or i see you're called action i'm more inclined to buy from you there's a famous quote or theory or statistic that may or may not be true but maybe it's kind of close is you need to see something seven times before making a purchasing decision yes whether that number is four times or twelve times who actually knows well let's just say seven times is the number if i need to see you seven times well you got to advertise to me a lot i might not see your ad seven times that's why you want to build omni presence and pop up in that article be on the news be on the podcast and a lot of these things you can do for free but it'll ultimately help you on the place that you spend money on yes and just to add to that really quickly i think a big missed opportunity that most companies miss out on is that retargeting traffic sure so the hardest thing to do is get people to your website for the first time get people to your social media account for the first time people do need to interact seven times as according to that study before they make a purchasing decision the easiest and cheapest way to get them back to your site back to your social channels is retargeting ads you're haunting them follow them everywhere the omni present marketing so set them up for retargeting ads up everywhere facebook google reddit cora tiktok snapchat all of these platforms you can retarget on for pennies on the dollar compared to running top of funnel marketing campaigns all right let's put on our investor hats investor hats we've been making money building up our business we went from one million gross sales to three million at what point do i start to look at what the heck to invest into there's real estate the stock market cryptocurrency angel investments the s&p 500 there's so many things i can invest into cash flowing businesses there's so much how the heck do you decide when there's so many options what the heck to invest into that's a good question i'll tell you what's worked for me and what doesn't work for me so i'm probably a little bit my earlier stages of making money we've been making real money for about five years now i feel like when i started to have an overflow of money meaning there's so much coming in that i can't invest anymore in my business without just wasting it like i'm not going to hire these like 500 000 employees i don't have any big machinery to buy so i started investing it into the stock market and what i learned quickly by doing that i was on robin hood just pushing buttons and buying stocks listening to youtube videos and listening to other people on what stocks to buy did not work out well i took a bunch of margin because robin hood made it really easy and then stocks crashed lost all my money brought in my friend who's a financial advisor and what's worked for me to this day is any overflow i sent to him like ready for another stack yeah cool take it take another stack and he puts it into specific stocks that we pick every two weeks we put it into a couple safe ETFs that we've picked and that's been really effective our money's grown he protects me from myself and his full-time job is figuring out where to put my money and i get all these inbound i'm sure you get them more than me people asking for investments in you know random real estate deals investments in these random companies i haven't done any of those yet but i just run i run them by my financial advisory tells me this is good this is risky this is and i trust him he protects me because i know a lot of people who have gotten involved in weird deals and other money's locked up and they might never see a return so as you're getting started i think you should put all of your money back into your business to a reasonable degree as long as you have something that you think is going to grow the company or make your you more successful in the long run the best thing you can invest in is yourself and your business first then bring on a financial advisor to help guide those investments and now i'm at a point where it's like crap i'm going to have to pay a ton of money in taxes this year my tax bills looking real scary so what do you do about that bonus depreciation you buy real estate short-term rentals and every year i guess you find a new project to do that with and that's kind of where i'm at this year we're buying real estate and we're taking bonus depreciation on it to mitigate my tax tax liability love to hear what you're doing that was a fantastic breakdown thank you so what i preach on stage and on social is same thing over and over and over for many many years it's called 40 40 20 i do 40 low risk i want to make between 5 and 9 for the year i do 40 medium risk or i want to make between 10 and 30 for the year i do 20 high risk i'm crossing my fingers i want something crazy to happen 400 percent a thousand percent something crazy and if this doesn't work out or takes a long time i'm hoping that this and this covers the high risk and so what happens is the low risk sounds boring so i actually call it the boring side five to nine percent seems boring until you take out a compound calculator right if anyone's listening right now after the show's over look up compound calculator there's a joke that albert Einstein says compound math is the eighth wonder of the world compound interest that was an Einstein quote i don't think it actually was but that's whatever you look on google that's what it says so don't believe everything google says but that theory is put in your age let's say you're 34 years old and put it when you want to retire let's say it's 74 years old so 40 years then put in a number like eight percent a year if you now contributed ten thousand dollars and you do that for 40 years it is staggering what that number is going to be it's not 500k it's not a million dollars it's literally gonna be three to five million dollars depending if you put eight percent or nine percent or ten percent one little percent difference over the course of 40 years and compounded right will literally blow your mind and so just put in your age put in when you want to retire put in how much you can contribute and by the way you want to get really crazy what if you went from 10 grand to 11 grand what if like seven years later you had a little more money put in 13 grand that year 14 grand what if you have a four year old child and you put in a thousand bucks a year for that child and throw in two grand or three grand four grand for that child and they're four what happens when they retire they will have five ten fifteen twenty million dollars it's not fake numbers these are very real with just that six seven eight nine percent type of interest rate and so that's the low-risk side so that's for me is the s and p 500 right that's uh cds at your bank cds at your bank are paying four five percent now which is crazy at household name banks we're in a municipal bond etf there you go yeah tax-free and it's earning like five six percent perfect in the middle side it's real estate stock market and cash flowing businesses those three main categories real estate there's a lot of options that would take me hours to talk about all the different options but essentially fixed and flipping long-term holds or cash like air bnb and rentals the cash line business side to me it's ever bowl i invested a lot into ever bowl in 2018 raised a bunch of money 2019 bought a bunch of locations in 2020 sold the locations back to them 2023 i'm very active in ever bowl because that's a cash line business i invested when there's 13 locations now there's 104 and one new one every six days i invested when there's a 10 20 million valuation now it's 175 million and growing and so to me that's a angel investment but also cash flowing business on the stock market side i just invest in the same 10 stocks over and over and over and over with no plans of ever selling ever why would i ever sell apple but i think it's me bad next year or the year after no so why would i sell the stock why would i ever sell walmart or meta or household names like tesla and amazon why would i ever sell my amazon stock is that five we give the other five yes i'm curious there's just the household name companies there's no rocket science to what i invest into is amazon tesla and walmart and Shopify and meta and google i'll think of the i'll pull my phone up and find those are good you don't pick new stocks based on what the economy markets doing i don't look at things like in the video which amazing what it did yeah but it was also around for many many years where it didn't all of my losses in 2022 countered by my choice of individea we held that and it's done crazy yeah it's been fun and so i don't look at the shiny objects yeah there's that's key yes super key don't get distracted i'm not a day trader right i want to buy things that i invest into or i'm a buyer of i have netflix stock why because i spend money on netflix for the last two decades and so do you so does she so does he so does he everyone does yes and more and more people are going to if everyone in the world is spending 15 to 20 bucks a month i want to own that right you know the number one performing stock of all time is monster energy drink no really more than any other company on the planet monster energy which is called hansons the parent company why because there are hundreds of thousands of stores probably millions of gazillion stores by now they've just been doing the same thing for 25 30 years and they're in all the stores on the planet that's it if red bull was public it'd be the same story right and so my stock market is very very simple very straightforward if you shop on amazon you should consider some amazon stock if you own a tesla how dare you not have tesla stock agreed you're listening to this on an apple product a laptop or an iphone or airpods what on earth are you doing not having some apple stock that's all i noticed a lot of my biggest losers were companies that i had no idea what they did no no interactions with them right and some of my biggest winners have been the yeah the companies i interact with and spend money with so that's a really good philosophy and then the last part is the high risk to me it's just angel investing and cryptocurrency and really on crypto it's just bitcoin ethereum i've been saying the same things in 2014 and 2017 for ethereum i've just been saying the same thing over and over yeah i've bought it at bitcoin at 300 bucks and i'll buy it now at 115 000 i'm still a buyer i made the very first news article about ethereum it was 19 dollars i'm still a buyer at 4500 are you dollar cost averaging into those things i just buy because i believe bitcoin is inevitable yeah the supply is getting less and less and less because people die people lose their phones they lose their wallets they lose their laptops and so as more people lose their lives and lose their phones and lose their lot their wallets less of that 21 billion bitcoin will ever exist will ever be in circulation less quantum computing cracks the network but that's we got other problems at that point exactly you need guns and water at that point yeah and on the other side of it the demand keeps growing growing growing growing the people that have always liked bitcoin buy more people that get attracted to it start to buy it and so if the supply is getting less and less and less and demand gets more and more that's why bitcoin is the number one performing investment asset in human history i was interviewing a gary cardone grant cardone's twin brother he's the biggest bitcoin bull that i know and we were talking about investing in bitcoin i'm like man i sold it all come on and like voyager went down i lost all my cryptocurrency i think bitcoin is at like 30 000 at that time it makes me whip out my phone on the podcast it's like i'm not saying another word until you start buying some bitcoin so whipped up my coinbase and i set up that's one recurring purchase for bitcoin at 30 000 and it was the probably the highest yielding investment i've ever made sure we're still dollar cost averaging and now it's like 115 000 okay yes let's focus on you again so on the investing side you know people have all these different options you started to deploy capital what happens is you get to a point where you can't invest back into your company right or you got too much cash sitting in the bank what people don't realize is they get this idea like i want to have millions of dollars in the bank you've heard myself grand cardone and so many people we never have a lot of money in the bank because we're deploying that into investments and here's why anything over six to 12 months in the bank is losing money to inflation so let's say you did have a million dollars in your bank account next year it spends like 980 000 920 000 right the year after it spends like 830 000 so it still says one million in your savings account but it spends like 920 it spends like 830 it spends like 740 000 the value of that million is going down correct you try to buy a Ford truck for 50 grand now it's 54 000 you try to park in valet it was 20 bucks now it's 24 you try to buy muffins it was four dollars now they're five dollars all these five 10 percent increments increases makes your dollar literally spend less and so that's why i'm so adamant and so many wealthy people are adamant about the concept make that million go to one million fifty one million one hundred thousand one point one one five like just those small increases will fight against inflation yeah that's i think we're a financial advisor so helpful because we have the not millions in the bank but it's a lot and i'm worried about losing the value to inflation it is happening but there's options there's money market accounts that are essentially cash that have been earning five percent sure yeah we're now a municipal bond ETFs that's also running like five six percent so you have access to it and hopefully it's growing with compounding i would have no idea what to do with that if it weren't for a financial advisor just be sitting there right yeah okay let's talk about the charity side yes from a pr side why do you think it's important for personal brands or for companies to have some sort of philanthropic whether they're part of a charity or get their people their family or their employees to be involved in charity from a pr side it's an easy answer it's actually one of the first things we do for some of our clients if they're not otherwise interesting or doing anything really impactful that the media is going to take interest in well like we need to do some charity work for you asap we need to find a cause and throw an event or do something to make make you philanthropic make you interesting that way you got a story you've got a company doing some good in the world yeah so that's super important for pr most companies aren't interesting a lot a lot of them aren't aren't doing anything media worthy so you want to do something media worthy get some media attention do something philanthropic find a charity so from a pr side easy win there are millions of charities out there on a personal level or for your company level how do you decide what you would want to be involved in whether it's financially time or energy with a charity totally separate from pr how do i decide what i want to invest in first it's personal so is there anything in my life or people that i really want to take care of and that's kind of where i'm at now and then there's the what is your cause i think people need to have a cause that they're investing in and working towards to make success more than just collecting money so on a personal side i was this year i was finally able to retire my mom she was going to the office working in a cubicle with a bunch of 20 year olds every day and i had offered a year ago but she's like no i'm not ready to like be retired it feels weird and then probably two months ago she hit me up and she's like is the offer still on the table like i'm miserable like can you help so my mom's now on payroll it's tax deductible uh she helps me where where she can but i was able to retire my mom and the thing that i'm doing with her is the philanthropy side so my cause is animals i've always been an animal guy i know you love animals too but i grew up with you know a whole garage full of rabbits mini kangaroos prairie dogs animals are very close to my heart and it's all because of my mom she loves animals so me and my mom together are opening a rescue oh really yeah that's gonna be her new project one of the stipulations for retiring my mom is you can't sit on your butt like we need to find you a cause we need to find you a purpose yes so i think this makes a lot of sense it's going to be a great funnel for a lot of my overflow money that's going to fulfill my purpose and her purpose which is help animals so i think when you're deciding what to invest in it's going to be what's what's closest to you so that you can feel the impacts of your money and your investment i think donating to some random charity that you heard of that someone says is good i think is going to not have a long timeline on it if you can't immediately see or feel the impact of your money yeah the reason i started my charity was that exact moment many years ago 2009 2009 i threw a charity poker tournament at my store in san aigo i had 150 150 people show up a thousand bucks each some people put a little more so it was like we had to present this big check for like it's called 165 thousand dollars post the picture the next day everyone's like wow that's so cool 165 thousand so other people started donating so they actually get like a quarter million because everyone saw it super exciting a few days goes by never hear what happens with the money a week goes by and then don't hear anything two weeks goes by they're not saying they did anything nefarious but i got nothing to report back to all my friends i invited to my store to play in this trade a poker tournament what happened right what did the kids get or what happened with the homeless or what happened like what happened and so i decided to make very visual charities i mean make backpacks for the homeless with 150 items inside it's been 15 or 16 years now called model citizen funds world's largest toy drive it's been 12 years now we're going to our 12th year now the miami heat arena coming up soon like i created visuals toys backpacks for the homeless things that you can see feel in touch you don't even have to donate to my charity you can go donate toys you can make backpacks for the homeless right you actually don't have to send us money to do that you can do it we're just efficient at it if you want to do it at scale right right and more importantly i want people to be a part of it i'd rather you show up right i'd rather you bring all 60 staff with you i'd rather you tell your 200 clients hey oh that's all bring toys to the miami heat arena that's more than you throwing in a thousand dollars or ten thousand dollars or whatever you know like rather than the money part and so i wanted to create charities that people could see feel in touch for exactly what you said and sometimes you just donated you know you swipe your credit card that's easy right you donated 500 bucks to this charity you feel good for seven seconds and then you don't even think about it because there was no like emotion to it you give a kid a toy you give a homeless person a backpack with supplies poof right tangible yes you can feel it yes and i've seen the toy drives you guys do a great job of showcasing like where the money is going and who you're helping yes i think that's so important i call building in public i want them to see like we just got the stadium here's us at the stadium all right this is when the setup is going to happen here's how we're going to walk it in here's when the trucks are going to come in i'm showing it so either people can replicate it on their own yeah do their own toy drives or or they know that the work it takes to execute it and then they feel a part of it when they show up they feel a part of it they're there wrapping toys for nine hours they're there walking around with the kids and their parents like they want to feel a part of it all right so there's only one question i ask on every single episode and i've never gotten the same answer before we're at 200 plus episodes now you build up your companies you build up your investments your stock portfolio becomes worth hundreds of millions of dollars over the course of time you build up all these different companies do joint ventures but at the end of the day at some point you finally pass away what percentage of your net worth do you leave to your children it's the ultimate dilemma right do you spoil your kids rotten or do you give it all away depends on what the net worth is i think if it's billions do i want to leave them half no if it's a 10 million then you want to leave them half i think the goal is to make your kids independent and don't give them enough to live on because that's when you really i guess ruin any opportunity of them learning and building for themselves i want to leave them just enough to be able to accomplish their dreams to build their future to build their company but not enough where they never have to worry about money again and i don't know what that number is going to be by the time i pass hopefully it's at 150 years old with modern technology i plan on it being if they can keep me alive artificially i'll do that too i want to give them enough to accomplish their dreams and no more so i open up my speeches with what you just said i scare the audience by saying raise your hand if you have kids most of the room raise their hand say your children are likely to live to over 100 years old our parents typically live to 73 to 77 years old in my area at your age they probably live to 83 to 85 years old 85 and a half technically for women your children were probably lived to 104 112 and some of them 120 plus hopefully and here's why when i grew up there was 711 from jack in the box in mcdonald's there was no whole foods and airwan there was no smoothies what do you mean smoothie we had slurpees at 711 there was no such thing as a smoothie with fruit in it there was no cold plunges and saunas we would you'd be a laughing stock if you got into a cold plunge we think you're insane to get a cold plunge when we were kids right and now it's cool it's fun right and now saunas are part of life and we realize the health benefits modern technology think about the difference 15 20 years ago there was no smartphone so think about what our parents and what our families went through when they were trying to get medical advice in the 80s 90s and 2000s 2010s that sounded like a long time ago that was 20 years ago right and think about what's going to happen in 10 or 20 years and 30 years and 40 years for our children from a medical perspective this is the only part of being a doctor that i stay very involved in it's the the new science that's emerging you open my refrigerator it's just all vials of peptides on my couch i've got a $50,000 post-electromagnetic frequency unit so there's some technologies and medications and pharmaceuticals coming out that are just next level we're going to be growing and harvesting organs there's dna treatments that are going to cause you to be able to bulk steroids are going to be gone just really unbelievable things that i completely corroborate 120 130 140 is going to be very viable in our future we're even talking about the ai side of it right i'm talking about robot doctors we're not talking about those things i firmly believe that some of the major major major diseases that will be eradicated yes i can almost guarantee it there's some that won't like cancer because it's like you know it's trillions of dollars so maybe there's some controversy there there's some like aids which obviously have been managed pretty much eradicated look at madrid johnson he got like 30 years ago 40 years ago and look how healthy and amazing he is but i believe that the brain ones will be gone i think the things that my grandparents both my grandparents passed away from like Alzheimer's will be eradicated i hope so i have a grandfather too 10 years very bad Alzheimer's half of my family's in a major and so why i say that why do i why do i lead an investment speech with that the average person currently has $5500 saved up in america what if your kid wants to retire at 74 and lives to 104 they need 30 years of money saved up what if they want to get by on five grand a month i'm not talking about inflation or medical expenses let's just say five grand a month well five grand a month times 12 is 60 times by 30 years is a lot 1.8 million dollars it's a scary thought so just get by right well unless you want them to be 84 10 years later working somewhere to make five grand a month who knows if they'll have those seven jobs then because of ai's and robots and things like that and so i literally try to scare the audience at the beginning by saying i'm scared just sitting here yeah it works that if your kid's gonna live to 104 they need to have money and we need to be able to bluntly talk about it which is the whole point this podcast all right tell them where they can find you on social media where can they find your companies tell them everything all right on social media either dr j falden or lead jen uh both on instagram lead jen j on my website or otter pr.com i'm everywhere if you search j falden then i'll pop right up i love it yeah it's been a lot of fun all right guys this is truly important the reason that we're doing so well in the podcast charts is you liking commenting subscribing when you're in the situation you're at a lunch you're at a dinner with your friends playing basketball and they talk about a certain topic you're gonna hopefully remember episodes like this when it comes to someone bringing up lead jen or pr you're like oh yeah you should follow the dr j oh this happened here boom oh you should listen to this episode i remember they talked about this it's not just about you these things are going to come up in your life all the time people are going to bring up things about paid ads real estate the stock market health and all the things in between so when you hear guests on podcasts whether it's the money mondays or different podcasts make sure you are referring these things to your friends to help make their lives better too i appreciate you guys we'll see you next week on monday on 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