Category Archives: Making Money

Our YouTube Business Plan

I make a few predictions about how much I think we’ll make on YouTube this year now that we’re giving a go at it full time.

This is just for fun. Remind me next year to see how we did 😉

Phil’s intro to the Personal Finance Masterclass:
https://goo.gl/8UpIrG

Be the first to know about the PF Masterclass:
https://goo.gl/Kf8141

Coupon code for our YouTube Masterclass:
https://www.udemy.com/youtube-masterclass/?couponCode=ML20

Let’s Talk Sponsors and the Future of this Channel

Last week we mentioned we were approached by a few advertising companies. Let’s talk about what sponsorship on the channel might look like.

We’re also interested in your opinion about vessel.com. We were accepted as creators and we’d like to know if it’s something you think you would use.

Jim Collins Stock Series:
http://jlcollinsnh.com/stock-series

Pinch Pennies or Focus on Big Wins?

Everybody loves to take sides. In the personal finance world, you’re either for frugality or focusing on big wins. We think to build wealth, you need both. If it takes money to make money, then where does that money come from? And once you make money, how are you supposed to keep any of it if you can’t control your spending?

Further Reading:
http://goo.gl/hPSy82
http://goo.gl/i9qhdz
http://goo.gl/CuVNd4

We Bought a Mercedes-Benz?

I first discovered Mercedes-Benz diesels on our trip to Europe and fell in love. On that trip I found out that the Mercedes w123 engine is considered to be one of the most reliable engines ever manufactured.

Fast forward 2 years and for some reason I start looking for one again. Well…we bought one. It’s a 1979 Mercedes 300CD, diesel (non-turbo).

My initial plan was to sell the Prius and drive the Mercedes to further extend the longevity of our transportation. But since I got such a good deal, we may end up just fixing it up and re-selling it for a profit.

How to Get a Promotion (The Hard Way)

This video started as a response to a question about getting ahead on minimum wage. But I quickly realized that my advice for someone working an entry level job is the same I would give myself today to get noticed.

The short version is you need to become your boss’s most responsible and reliable employee.

Here’s a few ways you can do that:

  1. Show up early or on time for every single shift. No excuses.
  2. Always be working. Even when things are slow, never stop doing. Depending on your line of work that might mean cleaning or organizing, stocking, or even just smiling and greeting. (When all of your co-workers are on their phones, you be doing side work.)
  3. Be a good co-worker. Being unlikable will cast a shadow on all of the hard work you’re doing. Do the things that make their jobs easier, even if it makes yours more difficult.

Once you’ve proven yourself responsible, you’re ready to become a silent influencer. Silent influencers are the ones who are quick to perform and slow to take credit. The raise themselves up by bringing everyone around them with them. (Example in video)

Once you have influence, you’ll be given more responsibility and opportunities to prove yourself. Now is the time to step up and perform. You need to become INVALUABLE. We are not paid for our time, we’re paid for the value we create. Make sure you provide more value for your boss then you are paid for. Only then are you in a position where you can confidently ask for a promotion and raise.

UPDATE: One of our subscribers dhawkins0000able had some great tips to add to the list. Here they are:

1) Show up. Be on time, if not early.–Sounds simple…it is. Don’t call in sick 5min before your shift…call as early as possible.
2) Volunteer. Sometimes managers would let us pick from a list of closing duties…picked the hardest, nastiest, or dirtiest (cleaning floor drains, grease vents)–This helps you stand out as a “go-getter” and “hard-worker”.
3) Ask. Express an interest in becoming a shift leader (advancement), and work toward it (learn SOPs).
4) Be Flexible. Often, the more flexible with your schedule, the more opportunities you will be able to accept. Would you be ready if a 3rd shift supervisor slot became available?
5) Attitude. Smile, and act like you want to be there. Nobody likes to be around people who just sap the energy right out of you.

Once in a Lifetime vs. Too Good to Be True

How do you decide if something is a once in a lifetime opportunity, or too good to be true? In the past 10 years, I’ve had plenty of experience with both.

When it comes down to it I think once in a lifetime opportunities are exclusive to you, and the value of it should not have to be “sold” to you.

What do you think? When has something turned out to be to good to be true in your life?

Why the Rich Get Richer

 

 

Ever wonder why the rich keep getting richer. It’s not just because of the money they save, it’s also how they spend their money. Most people spending their money on liabilities like cars, electronics and oversized homes which not only cost money upfront, but require monthly spending to keep them maintained.

The rich also buy liabilities, but the they funnel some of their resources into income producing assets which generate more money for them. They put their dollars to work. Then they take some of that extra money and buy more assets. And on, and on…

How do you balance making more money and happiness? How are your dollars working for you?

Mixing Friends and Business | Mike and Lauren LIVE

 

After last week’s show, a lot of people had questions about going into business with friends. It just so happens we’re in New York City this week with 11 friends, so we decided to bring them on the air and talk about it!

We might not be the best examples, because we’ve never formally written any agreements down. But, if you want to know what the day to day is like settling arguments, changing direction, and dividing tasks, this is the show.

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Life with Mike | Business Failures, Frugality, Adventure | Mike and Lauren LIVE!

Our 2nd LIVE show! Every Tuesday at 8:30PM EST. Tonight we’re going to talk about life with Mike from Lauren’s perspective. How does she keep supporting my continual failed business attempts? Did she inherit my frugality?

Be sure to make comments in the comments section to the right of the video player on YouTube. Thanks!

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