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One Thing: Day 419: Lending Money to Friends…
Day 419: Lending Money to Friends…
Yesterday I was explaining how and why the price of real estate keeps going up despite a pandemic and everyone being locked inside for the better part of 12 months.
Speaking of being locked inside:
Two rules of family gatherings…
- Bring your own car so you can leave when you want.
- See family gatherings rule #1
In other news…
My Dad got pulled over for speeding.
He told the cop he was going so fast because he worried he’d forget where his destination before he got there.
Anyhoo…
Your ONE COACHING THING Today Is:
‘Asymmetries’
Recently I was explaining how ‘Feynman Technique for Learning’ was the first Mental Model my mentor taught me.
I got an insane amount of feedback on it and asking for more.
Gotta give the crowd what they want.
So here’s the second Mental Model my mentor taught me.
Asymmetries
In a nutshell, you should be looking for opportunities, for yourself and your high-end coaching clients where the upside is LARGE and the downside small.
This likely sounds obvious to look for BIG payoffs for small downside risk…
BUT…
Analyze your financial decisions over the past 12 months and see how you did.
Quiz your high-end clients on how they did.
Hint: Poorly.
ALL your monster financial loses started as:
‘A good idea’.
Good Examples:
Speaking at a live event…. Upside is HUGE and downside is a few hours of your time.
Hosting your own live event… Upside is even more HUGE and downside is hours of your time and a small investment for a room and some food.
DM’ing ideal clients on FB / IG / LI… upside is HUGE and downside is your time.
Starting a podcast…. Upside is HUGE and downside is time and a small amount of money.
Educating and helping someone before they start paying you… I’ll let you guess on this one.
Bad Examples:
Texting while driving.
Cheating on your taxes.
Drunk Driving.
I’ll add some other examples below that need further explanation that I don’t have time for here… I’m guessing you’ll get it.
Investing $100k ++ into a product prior to having any sales or business experience.
Investing in FB ads with no experience of online advertising or previous sales with the product.
Investing in FB ads without previous success in a niche.
Investing money, you can’t afford to lose, on a ‘red hot stock tip’.
Multiple streams of income before dominating one stream of income ($5mm minimum).
And the KICKER… lending money to friends.
You lose the money and also lose the friend.
You heard it here first.
Obsessed with your business coaching success,
Karl Bryan aka King Karl
1. Save you from asking… I no longer do interviews. Please don’t ask.
2. I do not do joint ventures. You promote your business and I’ll promote mine.
3. If you want to work with us and my software, click here for a 15-minute call to discuss https://my.timetrade.com/book/KJVHS
4. Please don’t be weird.
PS. When you do things that are hard and unpopular people will call you out… what they’re really doing is calling you a leader.
PPS. Marriages break up from lack of money… over lack of love X 100.
Business failures lead to destruction, addiction, depression, anxiety, suicides, and unfortunately, far more.
As good business coaches we save marriages, save families, save kids from self-destruction… we save lives!
A true-life of purpose.
PPPS. If you’re looking for a proven system to follow for your coaching…. I created business coaching software and high-end step-by-step training to support it…
It’ll teach you ‘How to find any small business owner $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising.’
Imagine finding your annual $12,000 to $50,000 coaching fees BEFORE you started coaching your new clients?! And a proven coaching system created for you to follow with your new coaching client.
Reply to this if you want to start following a proven coaching system.
PPPS. Forward this to someone that needs to subscribe to my daily emails and get a limited time, complimentary subscription to my business coaching magazine go here:
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PPPPS. They tell me my Podcast is Ric Flair style, Money Makin, Client Getten, Joint Venture Landing, Event Fillin, High-End Coaching Client Findin Gold For Business Coaches.
Entertaining, Informative, Uncensored, Unedited:
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Karl Bryan, creator of Profit Acceleration Software™
Karl is the Founder and Editor-in-Chief of The Six-Figure Coach Magazine and Chairman of Focused.com, home of the largest private community of Business Coaches (24 countries and counting) in the world. His goal is straightforward… to help serious coaches/consultants get more clients. Find out more at focused.com
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