Latest / Inside The Vault with Ash Cash / ITV #220

Transcript

ITV #220 · Inside The Vault with Ash Cash

0:00
[SPEAKER_02]: If you listen to everybody else, you're gonna have what they have.
0:07
[SPEAKER_02]: I don't believe in people getting into debt in the beginning.
0:10
[SPEAKER_02]: Let me play devil's advocate for a second though, because... And guys, say you fool, I don't listen to nobody unless I would exchange my bank account.
0:18
[SPEAKER_02]: That you're branding me to be on point.
0:21
[SPEAKER_02]: Well, get off a canva.
0:23
[SPEAKER_02]: What are you building?
0:24
[SPEAKER_02]: Before we go touch the money, be able to sell your product in a smaller format.
0:29
[SPEAKER_02]: Because we think sometimes you've got to go B.
0:31
[SPEAKER_02]: But sometimes the smart, the club, the crunk of the party.
0:34
[SPEAKER_01]: I had a time where I lost $1.2 million.
0:37
[SPEAKER_01]: I got into a whole, like you was good.
0:39
[SPEAKER_01]: You said you use that millions, and you never like, nah.
0:43
[SPEAKER_01]: I got greedy.
0:45
[SPEAKER_01]: What ended the marriage, but how was that like building something with somebody?
0:49
[SPEAKER_01]: And then having to...
0:51
[SPEAKER_02]: Um, what ended it was, I found a video who had a f**king of our employees.
0:56
[SPEAKER_02]: Been about three weeks later, he sh**ked me and our deal of shipping for the other side.
1:00
[SPEAKER_01]: From lawyer to hair to automotive to assurance, digital empire, business tax, what it's all said and done, what will be of the Joy Hunt brand.
1:12
[SPEAKER_02]: Hmm.
1:14
[SPEAKER_02]: I think what I'm trying to be right now is,
1:19
[SPEAKER_01]: I know you want to watch this next video, but listen if you are an entrepreneur, business coach, business consultant, or a small business owner who has a story and wants to learn how to create multiple strings of income from your story.
1:33
[SPEAKER_01]: I need you to text me right now.
1:35
[SPEAKER_01]: My book.
1:36
[SPEAKER_01]: to six, four, six, six, six, eight, seven, four, one, five, two.
1:39
[SPEAKER_01]: That is my personal number.
1:41
[SPEAKER_01]: I have been an author for over 12 years, I've written 10 books, four of them have been best sellers, and I've sold over 100,000 books.
1:49
[SPEAKER_01]: But I've also helped a lot of my clients, take their expertise and put it into a story, then create multiple streams of income from that.
1:56
[SPEAKER_01]: So I wanna help you do the same thing.
1:58
[SPEAKER_01]: So text my book to six, four, six, six, eight, seven, four, one, five, two.
2:03
[SPEAKER_01]: I, let's go back to the video.
2:21
[SPEAKER_01]: So welcome to another awesome episode of Inside The Vault with Ash Cash, the greatest money my set show on the planet.
2:29
[SPEAKER_01]: What happens when a tax attorney doesn't just understand the system but learns how to bend it?
2:36
[SPEAKER_01]: Today's guest didn't just climb the corporate ladder, she built her own building.
2:41
[SPEAKER_01]: From practicing tax law to dominating the hair industry with a $50 so in,
2:47
[SPEAKER_01]: that church into a multi-million dollar empire and then pivoting into car dealerships insurance and collision sensors, most people specialize, she multiplies, but here's the real question.
3:03
[SPEAKER_01]: How does someone go from reading tax code to building empires across beauty, automotive, and business funding without losing leverage control or ownership?
3:15
[SPEAKER_01]: If you've ever felt boxed in by your degree, your job, or your current industry, this episode is going to change.
3:22
[SPEAKER_01]: Everything you think,
3:23
[SPEAKER_01]: you know about reinvention, vertical integration, and scaling smart, and make sure you stay to the end because when she reveals about business credit, asset protection, and building wealth legally might save you years of expensive mistakes, ladies and gentlemen, round of applause for the
3:43
[SPEAKER_01]: Joy, how are you?
3:44
[SPEAKER_02]: Come on, intro, so I think that was good.
3:48
[SPEAKER_01]: Well, I'm so excited for this for this interview because your career has been unconventional, right?
3:58
[SPEAKER_01]: Right.
3:59
[SPEAKER_01]: You know, normally when you think about a lawyer and when you think about someone who has advanced degrees, like you,
4:06
[SPEAKER_01]: They don't look like you, right?
4:07
[SPEAKER_01]: They don't take the journey that you've taken.
4:10
[SPEAKER_01]: And so for those who don't know who is Joy Hunt.
4:15
[SPEAKER_02]: So hey, I'm Joy.
4:16
[SPEAKER_02]: I'm your business bestie.
4:17
[SPEAKER_02]: I have been a business attorney since 2004.
4:19
[SPEAKER_02]: And a serial seven figure brick and mortar entrepreneurs since 2006.
4:24
[SPEAKER_02]: And I have merged my business acumen and my legal expertise to teach entrepreneurs how to structure funding market their business to the bank.
4:33
[SPEAKER_01]: I love it, I love it.
4:35
[SPEAKER_01]: How did you pivot from being a lawyer into a business owner, right?
4:41
[SPEAKER_01]: Because for me, when I think of lawyers, right, I think, you know, obviously criminal defense and all that stuff.
4:49
[SPEAKER_01]: But then when I think corporate lawyers, I'm thinking, you know, like you're working for the Fortune 500, you're behind the scenes, right?
4:56
[SPEAKER_01]: Talk a little bit about that pivot, like what made you become a business owner?
5:00
[SPEAKER_02]: When I saw the opportunity, so I was dating a guy and he was selling hair extensions and he asked my opinion.
5:07
[SPEAKER_02]: I was like, well,
5:08
[SPEAKER_02]: I were a short hair, I don't know where we been on.
5:10
[SPEAKER_02]: No one's so he had me watch Chris Rock's movie Good Hair.
5:14
[SPEAKER_02]: And that movie changed my life.
5:16
[SPEAKER_02]: Because as a lawyer, when I give you my retainer, I'm always hearing what bills they have and can I get a payment plan and both won't.
5:25
[SPEAKER_02]: But in Good Hair, people are saying, I'm not gonna pay my bills, I gotta get this hair or I'm gonna put my hair on layaway.
5:34
[SPEAKER_02]: I never saw how much money was in hair.
5:37
[SPEAKER_02]: So I was like, I need to go sales, something that people will put their rip money on whole to go get.
5:44
[SPEAKER_02]: And so I don't believe in just being one thing.
5:47
[SPEAKER_02]: I'm always looking for what is the next opportunity.
5:50
[SPEAKER_02]: And if it makes dollars, it makes sense.
5:52
[SPEAKER_02]: So I was like, well, let me go ahead and see what this hair thing is talking about.
5:55
[SPEAKER_01]: And so there wasn't a passion for for law like what what made you what what made you want to become a lawyer though.
6:00
[SPEAKER_02]: Okay, so I want to come a lawyer.
6:02
[SPEAKER_02]: So I want to wear a suit every day to work.
6:04
[SPEAKER_02]: And I took a communications law class in college and just loved law.
6:10
[SPEAKER_02]: And so I liked practicing, but my love is for money.
6:13
[SPEAKER_02]: What is going to make money?
6:14
[SPEAKER_02]: So I doesn't matter what it is.
6:16
[SPEAKER_02]: I'm looking for what's going to make the most money.
6:18
[SPEAKER_01]: Mm.
6:19
[SPEAKER_01]: You don't, I think that's bold of you to say, right?
6:24
[SPEAKER_01]: And why I say that is most people will frown upon a woman.
6:30
[SPEAKER_01]: That's bold enough to say you love money.
6:33
[SPEAKER_01]: Talk about that, like, do you have to get flat behind that?
6:36
[SPEAKER_02]: Of course, of course, but my parents got divorced my sophomore year in college.
6:43
[SPEAKER_02]: And so my mom was a stay at home mom.
6:47
[SPEAKER_02]: She used to be an educator, but you know, she stopped working to take care of us.
6:51
[SPEAKER_02]: And so I saw my mom's life change from being very well, while taking care of, to now, you know,
6:57
[SPEAKER_02]: She had a roommate for a while and we go from, you know, I'd Norstrom to TJ, Max, and so on.
7:02
[SPEAKER_02]: So I'm the oldest of two.
7:05
[SPEAKER_02]: OK. And so I said, well, I need to make sure that I'm making enough money to provide the last style that I want for myself.
7:12
[SPEAKER_02]: Just in case a man leaves me, I'm good.
7:14
[SPEAKER_02]: So from college, particularly from my junior year in college,
7:20
[SPEAKER_02]: I was like, joy, you have to go become something.
7:22
[SPEAKER_02]: Because I went to school to get my MRS degree.
7:23
[SPEAKER_02]: Because, you know, my dad was a man to me and provide.
7:26
[SPEAKER_02]: I'm going to find me a husband and just live a life I saw until I was like, wait, yeah.
7:31
[SPEAKER_02]: I may have to do this on my own.
7:33
[SPEAKER_02]: I got to go be something for real for out now.
7:35
[SPEAKER_01]: And I love it.
7:36
[SPEAKER_01]: And then now, as a lawyer,
7:40
[SPEAKER_01]: seeing an opportunity, I would assume that something like law is like a safe, right?
7:47
[SPEAKER_01]: And going into business, I know the, the staff say that most businesses fail within the first five years, what made you be willing to give up something that seems safe, like law, to get into, to, you know, to a brick and mortar business.
8:05
[SPEAKER_02]: Well, um, I was raised by like a little baby black Panther.
8:09
[SPEAKER_02]: Okay.
8:10
[SPEAKER_02]: So my dad was the very first child that went to a desegregated school in Texas.
8:16
[SPEAKER_02]: And so, um, growing up as a child, I was taught your black.
8:21
[SPEAKER_02]: So you're born behind the eight balls.
8:22
[SPEAKER_02]: So you have to be 10 times better than your counterpart.
8:25
[SPEAKER_02]: So there was there is no such thing as safe, you know, you have to just go out there and just get it.
8:30
[SPEAKER_02]: And so life is unpredictable.
8:32
[SPEAKER_02]: You have to go win despite it.
8:34
[SPEAKER_02]: So from a child, I've always been
8:38
[SPEAKER_02]: I don't want to say fearless, but I've always had this crazy work ethic because I was forced to as a child.
8:46
[SPEAKER_02]: So my whole thing is practicing law, I have to go get the clients myself and make me eat what I kill.
8:52
[SPEAKER_02]: So let me see what else I need to do.
8:53
[SPEAKER_02]: And so I research the industry, I invested me and my soon to be ex-husband at the time.
9:00
[SPEAKER_02]: We partner together and I'm like, okay, well, let me go see how much money I can make with this.
9:05
[SPEAKER_02]: And at the time, it was luxury hair.
9:08
[SPEAKER_02]: This is before you have Ali Baba and Ali Express, and it's so common to get hair now.
9:14
[SPEAKER_02]: Before you had to actually import it, and there may have been like two other hair boutiques in Houston, where you were.
9:20
[SPEAKER_02]: And so I'm not scared of failing.
9:23
[SPEAKER_02]: I'm like, my whole thing is,
9:25
[SPEAKER_02]: I would rather, I would rather lose versus be safe and not in that try to win.
9:31
[SPEAKER_01]: And how long were you a lawyer before you took that took the jump?
9:34
[SPEAKER_01]: Let's see if you practice.
9:34
[SPEAKER_01]: I did both.
9:36
[SPEAKER_01]: Okay, okay.
9:36
[SPEAKER_02]: I was, that was some hair in my clients.
9:39
[SPEAKER_02]: Could be you got a court who's in court.
9:41
[SPEAKER_02]: the very mama's the girlfriend.
9:43
[SPEAKER_03]: Yeah.
9:43
[SPEAKER_02]: So I'm going to court because I did criminal on the beginning, going to court, um, defending the defend the guys.
9:49
[SPEAKER_02]: And then people want to on the call, you're so beautiful.
9:52
[SPEAKER_02]: Like, oh, he's a, I'm passing a flyers in the court.
9:55
[SPEAKER_02]: All right.
9:56
[SPEAKER_01]: Wow.
9:57
[SPEAKER_01]: And then so within two years, you built a multi-million dollar business talk a little bit about that.
10:03
[SPEAKER_02]: So the hair extension this is was crazy.
10:08
[SPEAKER_02]: We were in Houston, Texas.
10:09
[SPEAKER_02]: You were in like the heart of the gallery of areas saying, Houston, you know, you have, you know, the drug dealers.
10:15
[SPEAKER_02]: We have the entertainment girls.
10:18
[SPEAKER_02]: You know, you have the strip club girls.
10:20
[SPEAKER_02]: You have the prostitutes.
10:22
[SPEAKER_02]: You have like a lot of people who have a lot of cash flow.
10:24
[SPEAKER_02]: And so we, the hair for, they're like 200 hours of bundle at the time, be our paying $1,000 just for hair, but then the recession hit in 2008.
10:33
[SPEAKER_02]: And so I was like, I need to get something that's recession proof.
10:37
[SPEAKER_02]: I got to get something that's affordable.
10:40
[SPEAKER_02]: And so that's when I switched to the $50 stolen concept, because everyone kind of for that.
10:44
[SPEAKER_05]: Yeah.
10:45
[SPEAKER_02]: But the gimmick is when you get in,
10:47
[SPEAKER_02]: It ain't going to be 50.
10:48
[SPEAKER_05]: I'm an upsell, right?
10:50
[SPEAKER_02]: And so that's where it just hit because there wasn't a salon that number one, I said, I want to do something that's totally different than the main industry.
11:00
[SPEAKER_02]: Yeah.
11:00
[SPEAKER_02]: So we're open seven days a week.
11:02
[SPEAKER_02]: We are commission based.
11:04
[SPEAKER_02]: So I'm, I, I bring up the clients.
11:07
[SPEAKER_02]: I pay you to do them.
11:09
[SPEAKER_02]: I think, I think control the environment, the marketing, because I hate to go into the salons where the stylist don't look like anything, and it's a whole bunch of those that the person may have come in, the fried fish.
11:24
[SPEAKER_02]: It's like, no, I want to make an upscale salon for extensions or black hair.
11:29
[SPEAKER_02]: So with seven days of week, no appointments, that's necessary, because as an attorney, I'm busy, if I can just get in, and so I want to do something like that busy woman in it just hit.
11:38
[SPEAKER_02]: Let me ask you to take it.
11:40
[SPEAKER_02]: God bless me.
11:41
[SPEAKER_01]: Yeah, yeah, what was it kind of feel like.
11:47
[SPEAKER_01]: you were destined right to make money, right?
11:52
[SPEAKER_01]: What is that feeling like?
11:53
[SPEAKER_01]: So we call the show inside the vault because this is more about going inside your mindset.
11:58
[SPEAKER_01]: Like in a bank, the most valuable things are inside the vault, correct?
12:04
[SPEAKER_01]: Your mind is the most valuable thing.
12:07
[SPEAKER_01]: What is your mindset like when you, the first time you became a millionaire, like how are you feeling at that moment?
12:15
[SPEAKER_02]: You know what?
12:16
[SPEAKER_02]: The crazy part is I wasn't feeling anything because I was already there before I got the mic.
12:23
[SPEAKER_02]: Oh, okay.
12:25
[SPEAKER_02]: So I between the hair boutique and the hair salon.
12:28
[SPEAKER_02]: So I was still practicing law with my hair boutique.
12:31
[SPEAKER_02]: By the, when I got pregnant I got real sick and I really couldn't put makeup on and go to court with heel.
12:36
[SPEAKER_02]: So I ended up closing my practice and doing the
12:39
[SPEAKER_02]: here will take full time.
12:42
[SPEAKER_02]: And so my mom almost passed out.
12:44
[SPEAKER_02]: You got to stop in the lawyer to sell hair.
12:47
[SPEAKER_02]: You got with that lady.
12:48
[SPEAKER_02]: You trying to sell hair, but I'm like mama.
12:50
[SPEAKER_02]: As a lawyer, I only make money when I go to court.
12:54
[SPEAKER_02]: But selling hair, I don't have to be there.
12:57
[SPEAKER_02]: And I'm seeing how I can scale this thing.
13:00
[SPEAKER_02]: And I wouldn't gotten to a network marketing company also at the time.
13:03
[SPEAKER_02]: And that's when I saw people talking about my yearly financial goals as to what they were making a month.
13:11
[SPEAKER_02]: Well, what what what what they doing.
13:12
[SPEAKER_05]: Yeah.
13:13
[SPEAKER_02]: And that's what I'm learning about vision boards and seeing the life you want in it's it sounds full gasey, full gazi.
13:21
[SPEAKER_02]: Yeah.
13:22
[SPEAKER_02]: But my whole thing was like, well, shoot, I ain't got that nails on my least try and see what they do.
13:27
[UNKNOWN]: Right.
13:27
[SPEAKER_02]: And so I used to drive around $1,000,000 home data communities.
13:32
[SPEAKER_02]: Every single day, that's going to be in my house.
13:34
[SPEAKER_02]: That's going to be in my house.
13:35
[SPEAKER_02]: It became my house.
13:36
[SPEAKER_02]: I used to go to Rose Royce dealership and test drive the car.
13:39
[SPEAKER_02]: It became my car.
13:40
[SPEAKER_02]: So I was already a millionaire in my mind before the money hit the bank account.
13:44
[SPEAKER_02]: So when it came, it was supposed to cost.
13:47
[SPEAKER_02]: Because that's what I manifested.
13:50
[SPEAKER_01]: It's hard for people to kind of understand that process, because similarly, similar thing, right?
13:59
[SPEAKER_01]: Like, I actually believe in energy, I believe in manifestation and being able to, not even being able to, like, in order to have something, you have to become it first.
14:13
[SPEAKER_01]: Correct.
14:15
[SPEAKER_01]: but trying to teach that to people almost feels like people are always fighting for their limitations.
14:24
[SPEAKER_01]: How do you get people the masses to adopt that, right?
14:29
[SPEAKER_01]: That is not really about what you do.
14:33
[SPEAKER_01]: It's about who you become while you're doing the thing in order to have the things, because even if you do the right things, like two people,
14:42
[SPEAKER_01]: could be doing the same exact thing, but if one person doesn't have that belief system or of that becoming, they won't get the results correct.
14:51
[SPEAKER_01]: So how do you how do you get people to understand that?
14:54
[SPEAKER_02]: So I word it like this.
14:57
[SPEAKER_02]: Look at your current situation, look at your bank account, look at how many people you're able to help.
15:02
[SPEAKER_02]: If you don't like what that looks like,
15:05
[SPEAKER_02]: then try something new is not gonna make sense to you because you're not at that level.
15:10
[SPEAKER_02]: You've never done this before.
15:11
[SPEAKER_02]: So why would it make sense to you you haven't done it before?
15:14
[SPEAKER_02]: So as long as you're like, hey, wherever I'm at right now, and it doesn't have to be a bad place.
15:18
[SPEAKER_02]: We gotta be broke, but it's gonna discuss.
15:19
[SPEAKER_02]: You can just like, I think God has more from me.
15:21
[SPEAKER_02]: So if you're saying, right, I'm right now, I don't wanna be here anymore, then try something new.
15:28
[SPEAKER_02]: Don't understand it, don't try to rationalize it.
15:31
[SPEAKER_02]: It's not gonna make sense, just do it.
15:34
[SPEAKER_01]: Yeah, yeah, when did you realize that being educated wasn't the same as being wealthy?
15:43
[SPEAKER_01]: Because I think a lot of people who have, you know, bachelor's degrees, master's degrees, like these, like highly educated people, it's not saying in our community, we associate that with wealth, but it's really not the same when did you realize that?
15:59
[SPEAKER_02]: When I first left law school, I worked, I went and worked for a farm and asked a protection and tax firm.
16:06
[SPEAKER_02]: And making six figures, I'm flying around, you know, every different state, every single day talking to business on how to structure their business, protect their assets, and making six figures.
16:17
[SPEAKER_02]: And I got that first paycheck.
16:19
[SPEAKER_02]: And baby, yeah.
16:20
[SPEAKER_02]: Oh, this time.
16:20
[SPEAKER_02]: Let's go.
16:21
[SPEAKER_02]: Let's go.
16:22
[SPEAKER_02]: And so when I realize, wait a minute, no matter how much I do, no matter how well I perform, my salary is my salary.
16:31
[SPEAKER_04]: Yeah.
16:32
[SPEAKER_02]: And I was like, that means there's a count.
16:36
[SPEAKER_02]: So what I like this so with taxes with that W2 income and then with a salary cap I was like I need to do something that's different so I need to I need to have my own business because when you're the owner there is no cap now on the flip side there is no baseline like you it could be zero
16:54
[SPEAKER_02]: So I was like, I, I'd rather shoot with with with with having no ceiling and more and anywhere about the zero versus being stuck there.
17:03
[SPEAKER_02]: So from from my first year practicing law, I was like, yeah, this ain't it.
17:07
[SPEAKER_02]: I'm not going to get rich doing this.
17:09
[SPEAKER_02]: I'm going to be stuck with a salary, can.
17:12
[SPEAKER_01]: Yeah, yeah, and did, I know you mentioned your mom, right?
17:17
[SPEAKER_01]: Like, friends, family, I know, you know, you know, like I had this issue, like for me, like I grew up, you know, I grew up in a low income environment, the projects and things of that nature.
17:28
[SPEAKER_01]: In my moment, when I became a banker, like everybody was like, proud, like I'm a guy, you know, asses a banker.
17:33
[SPEAKER_01]: And then when I left,
17:36
[SPEAKER_01]: the position to start to be entrepreneur, the level of disappointment, the level of, I'm a call of disgust even, that I had to deal with from friends and family, was, man, I did that, that had to, oh my gosh, oh my gosh.
17:53
[SPEAKER_02]: So,
17:55
[SPEAKER_02]: I got I got slack from everyone my mom almost passed out one just only because she she couldn't understand how I want to be a salon owner and sell hair and I was an attorney she don't understand the numbers right my fellow counter.
18:12
[SPEAKER_02]: law, law friends, like a lawyer's attorney that I work with, like, you're passing off, like, I'm passing off lawyers in every court I'm going to, I'm hitting everyone in, right?
18:22
[SPEAKER_02]: You're going to know what I'm selling.
18:24
[SPEAKER_02]: And they're like, oh my god, you're selling hair, you're selling hair, you're selling hair.
18:27
[SPEAKER_02]: When I started my salon, I turned in my brand new jack and I got a Toyota Sequoia because I was like, I could say five hours a month, that's six grand for the year.
18:36
[SPEAKER_02]: That could be for more even to work.
18:38
[SPEAKER_02]: Yeah.
18:38
[SPEAKER_02]: girl, she don't want from being a lawyer, she's having a salons under her jaguar, she got a squaw, no, what's she got going on?
18:46
[SPEAKER_02]: A year later, a year later, that Toyota collier turned to a rose, rose, rose, rose, rose, rose, rose, a year later, the little 3000 square foot home, 10,000 square foot home, lake, football, feel in the backyard.
19:01
[SPEAKER_02]: One year later, when you sew the seed,
19:05
[SPEAKER_02]: And then, oh, law partners, dang, I should, I should have listened to you and talk about that here.
19:10
[SPEAKER_02]: See, if you listen to everybody else, you're going to have what they have.
19:15
[SPEAKER_02]: So I always say, I don't listen to nobody, unless I would exchange my bank account with you.
19:20
[SPEAKER_02]: If I was in a big account with you, I'm a listen to you.
19:23
[SPEAKER_02]: If not, I don't want to hear because you can get me to where I want to go.
19:27
[SPEAKER_02]: My mom loved me.
19:28
[SPEAKER_02]: She would die for me, but she can't get me finance you where I want to go.
19:32
[SPEAKER_02]: Yeah.
19:33
[SPEAKER_02]: My fellow law part, baby, I'm y'all doing what I'm doing.
19:36
[SPEAKER_02]: Right.
19:36
[SPEAKER_02]: I know what I'm making, so I know what you're making.
19:38
[SPEAKER_02]: Right, so I don't want this.
19:40
[SPEAKER_02]: I want something else.
19:42
[SPEAKER_02]: So you have to be scared enough.
19:44
[SPEAKER_02]: You have to be crazy.
19:45
[SPEAKER_02]: You have to go and go get it and you can't worry about whatever else that's talking about.
19:49
[SPEAKER_01]: Yeah, yeah, not love that.
19:53
[SPEAKER_01]: So let's get some game, right?
19:56
[SPEAKER_01]: Okay.
19:57
[SPEAKER_01]: As a tax attorney, what does the average entrepreneur completely misunderstand about how the wealthy actually use the tax system?
20:08
[SPEAKER_02]: When it comes to business taxes,
20:12
[SPEAKER_02]: You want to make sure that your structure is correct, right?
20:16
[SPEAKER_02]: Now, it depends on what it is that you're doing, what you're selling.
20:20
[SPEAKER_02]: There are multiple different tax strategies.
20:23
[SPEAKER_02]: My expertise is more on the structure and not so much on the tax end, okay?
20:29
[SPEAKER_02]: So, of course, having your S-Corp, make sure that you're not paying more in taxes, but there's also tax strategies where you know having a C-Corp, running it through a non-profit.
20:38
[SPEAKER_02]: There's a whole bunch of different things.
20:42
[SPEAKER_02]: A CPA that understands the different structures and different things because there's more than one way to skin a cat.
20:52
[SPEAKER_02]: Number two, I would say making sure that you understand the you understand tax planning.
20:58
[SPEAKER_02]: So we're not just walking into our CPA's office in Marjora.
21:02
[SPEAKER_02]: You need to be in there.
21:03
[SPEAKER_02]: in October, November, right?
21:05
[SPEAKER_02]: Hey, has your profit increased?
21:07
[SPEAKER_02]: Where does this money need to go before the year ends?
21:10
[SPEAKER_02]: So we can then reduce our tax liability.
21:13
[SPEAKER_01]: Yeah, yeah, and I love that.
21:15
[SPEAKER_01]: Can you talk a little bit about systems too?
21:17
[SPEAKER_01]: Because I feel like,
21:19
[SPEAKER_01]: especially like in this new entrepreneur space where you don't necessarily need a brick and martin to make millions of dollars.
21:28
[SPEAKER_01]: There's social media, there's digital, there's just so many ways that you can accumulate a lot of income.
21:38
[SPEAKER_01]: First, I guess this is, you know, you built like a, like a 10 location, right, it was 10, like 10 locations.
21:47
[SPEAKER_01]: Can you talk a little bit about the difference between building a brick and mortar business, compared to now where, you know, you can make money online, what's the, is there a fundamental difference or from a structural standpoint or how you build that business and how you,
22:05
[SPEAKER_01]: maintain that business behind the scenes with systems or other parallels to that.
22:11
[SPEAKER_02]: I would say building a business is going to be the same.
22:15
[SPEAKER_02]: The only difference is going to be if you're a brick and mortar we now have to manage employees that we are actually touching and feeling.
22:22
[SPEAKER_02]: But the biggest mistake is people feel like if I'm building a business from home, I guess not a real business.
22:28
[SPEAKER_02]: or if I'm starting a business from scratch, I'm not Walmart.
22:32
[SPEAKER_02]: So I kind of harsh, posh things, AKA, I got a DBA, I'm combing the lean my personal and business funds.
22:42
[SPEAKER_02]: I'm not really treating it like it's a real business because it's not making real business money, yelling to realize that baby.
22:49
[SPEAKER_02]: big and dollar businesses are starting in dorm rooms in apartment complexes.
22:53
[SPEAKER_02]: So you need to start your business looking like a major corporation.
22:58
[SPEAKER_02]: So your branding needs to be on point.
23:01
[SPEAKER_02]: Your logo needs to be able to compete with a Walmart logo.
23:05
[SPEAKER_02]: Get off a canva.
23:06
[SPEAKER_02]: get off the camera, you need to work your business every day.
23:10
[SPEAKER_02]: Every single day, you have to show up and work your business.
23:13
[SPEAKER_02]: We got to understand what is business, what are the different entities and how do you market, how do you do digital products?
23:20
[SPEAKER_02]: I think everything is the same, but you have to actually run it like it's, my slogan is, run it like this one.
23:27
[SPEAKER_02]: Or run it like it's a real business.
23:29
[SPEAKER_01]: Yeah, I love that, I love that.
23:31
[SPEAKER_01]: And so
23:33
[SPEAKER_01]: Most entrepreneurs chase profit, but from the here you expanded into automotive insurance, collision, where you're taking cash flow, where you're taking vertical integration, where you're taking ecosystem control, like how do you go from that, like what was the thought process by that?
23:53
[SPEAKER_02]: So I'm looking to see what is the next, where is the money?
23:57
[SPEAKER_02]: Yeah.
23:58
[SPEAKER_02]: So when I grew my hair salon franchise, the number one mistake I made, I grew too fast.
24:05
[SPEAKER_02]: You can grow too fast for what you actually have management skills for it.
24:09
[SPEAKER_02]: And I could never find someone that could duplicate me.
24:13
[SPEAKER_02]: So I'm now having to manage a hundred women, okay?
24:17
[SPEAKER_02]: So that's a lot of back and forth.
24:20
[SPEAKER_02]: And she looked at me and she used my flat eye and I didn't come here to deck.
24:24
[SPEAKER_02]: It's a whole bunch of that.
24:25
[SPEAKER_02]: This is drain like I can't scale this because I don't want to take any more of this headache.
24:29
[SPEAKER_02]: I want to now sell something that's not dependent on someone else because I didn't do hair.
24:35
[SPEAKER_02]: So, I'm dependent on the style that's coming in and having great customer service and not customer customer her baby daddy and not trying to leave early.
24:43
[SPEAKER_02]: So, I'm always dependent on someone, I don't like that.
24:47
[SPEAKER_02]: I don't want to go sell something to where I can sell it.
24:50
[SPEAKER_02]: I don't even know what he else.
24:52
[SPEAKER_02]: So, if you're going to buy a car, you're coming for the car, not from your anyone else.
24:59
[SPEAKER_02]: My soon to be ex-husband, he made a couple of bad decisions, and we lost a lot of money trying to buy cars and go to auctions and sell them, and so whenever you lose a lot of money, people tend to run away from that, but I'm like, you've now learned everything of what not to do.
25:22
[SPEAKER_02]: So since we now made this half-million dollar in the state, right?
25:26
[SPEAKER_02]: But we've now learned we've got a Ph.D. in what not to do when buying a car and checking the titles and all that stuff.
25:34
[SPEAKER_02]: Let's go start our dealership because we've now
25:37
[SPEAKER_02]: got out of the mistakes out the way.
25:39
[SPEAKER_02]: And so I was already looking to pivot into something else.
25:42
[SPEAKER_02]: And then he made this this large financial mistake aka learning lesson.
25:49
[SPEAKER_02]: He was already a car enthusiast.
25:51
[SPEAKER_02]: So he knew all the brands and all that kind.
25:53
[SPEAKER_02]: So I don't know if it would be like a little passion.
25:55
[SPEAKER_02]: So I said, let's let's pivot.
25:58
[SPEAKER_02]: And so one thing that makes
26:00
[SPEAKER_02]: that separates like the winners from those who are just good is being able to pivot.
26:07
[SPEAKER_02]: Being able to change the job, change the business, change the industry and not get stuck in.
26:13
[SPEAKER_02]: Well, this is what I do.
26:14
[SPEAKER_02]: No, I'm looking to see what is the next thing because a year, two years, we started our years of in 2017 and then COVID came into it.
26:22
[SPEAKER_02]: So how we are not pivoted, we would have been, we would have been stuck.
26:26
[SPEAKER_01]: for sure.
26:27
[SPEAKER_01]: And then the fundamental difference between now here, cars, business is business.
26:35
[SPEAKER_02]: Yeah, yeah.
26:37
[SPEAKER_02]: How you structure a business, how you scale a business, what you're selling, the blueprint, the marketing is the same.
26:44
[SPEAKER_02]: You're just changing the product and our service that you're selling.
26:47
[SPEAKER_02]: Now, to get something going, to get something hot is going to take your time.
26:51
[SPEAKER_02]: So 2019, I ended up having a history wrecked to me.
26:54
[SPEAKER_02]: I was like, no, let me just stop doing all these stylists.
26:58
[SPEAKER_02]: Like, I was, I was very to close that door.
27:00
[SPEAKER_02]: Yeah.
27:00
[SPEAKER_02]: When I close that door to do the dealership full time, that's when the dealership took off.
27:05
[SPEAKER_02]: So you can't,
27:06
[SPEAKER_02]: You can't scale two things at one time so you can't be, I didn't have all of these things at one time.
27:12
[SPEAKER_02]: So that was a lawyer.
27:12
[SPEAKER_02]: I was a lawyer by day, tax office by night, then lawyer by day, hair boutique, then I left the lawyer going to the hair boutique in the salon.
27:20
[SPEAKER_02]: Then I did all the salons, then I had salons, then dealership, then A6 salons, then I had dealership collision shop, and Carl Rinsos, all I can that same industry.
27:30
[SPEAKER_01]: Yeah.
27:30
[SPEAKER_01]: So this might be controversial, might not, but,
27:33
[SPEAKER_01]: a lot of entrepreneurs say multiple streams of income, right?
27:38
[SPEAKER_01]: So your experience is that smart or is it a distraction if it's done wrong?
27:44
[SPEAKER_02]: multiple strings of income is the key and it doesn't have to be in separate industries.
27:50
[SPEAKER_02]: So you can be selling a product, you can be selling the digital product, you can be selling a service all in the same arena.
27:57
[SPEAKER_02]: So you don't have to have seven different businesses.
27:59
[SPEAKER_02]: I think that's what people mess up.
28:04
[SPEAKER_02]: You have to go get high.
28:05
[SPEAKER_02]: I can tell your business is driving on its own, paying like not starting a business, I believe having profitable business, like you're taking money out of the business, putting it into your pocket.
28:15
[SPEAKER_02]: Until you get one thing up and going, you shouldn't have all of these different lanes because they're going to be a distraction.
28:23
[SPEAKER_02]: The difference, I think, for me is like,
28:27
[SPEAKER_02]: This is what I do, I do business.
28:29
[SPEAKER_02]: Like, some people can cook and I do business.
28:32
[SPEAKER_02]: So I'm able to get a business, get a handle on it, and scale it quickly, and then be able to handle other things because I'm just a beast in business.
28:41
[SPEAKER_02]: So you want to first get one thing hot, and then either look at having multiple strings or babies in that one industry, or then you can now start something new.
28:57
[SPEAKER_01]: When you, and I just want to clarify, we, when you're saying multiple things have been come, you're saying vertically, vertically, integrate, right?
29:04
[SPEAKER_01]: So like, if you're doing one thing, find other ways to make money within the one thing that you're doing.
29:10
[SPEAKER_01]: Correct.
29:10
[SPEAKER_02]: So I do online coaching now.
29:12
[SPEAKER_02]: Okay.
29:12
[SPEAKER_02]: So I make money with digital products.
29:14
[SPEAKER_02]: I have like a whole library on my website of planners and courses.
29:19
[SPEAKER_02]: And if you're a business owner, you want to star scale your business.
29:22
[SPEAKER_02]: I have digital products that don't require me, you can go
29:26
[SPEAKER_02]: I do, I have a community, another string, where you can, you know, have courses in there, I have trainings in there, you can come never go to the business besties, another string of me income.
29:37
[SPEAKER_02]: I have a mentorship program, you want to be with me, you want me to hold your hand as I walk you through, walk you to the bank, right, structure fun and marketing, that's one string of me income.
29:48
[SPEAKER_02]: I have challenges, right?
29:50
[SPEAKER_02]: So you can do multiple things in that same way.
29:52
[SPEAKER_02]: If I have Joyce Barbecue, I can sell my barbecue.
29:56
[SPEAKER_02]: I could then sell my sauce online.
29:58
[SPEAKER_02]: I could then sell an e-book as to how to make the sauce or make the barbecue.
30:03
[SPEAKER_02]: I could then teach other barbecue or restaurant owners how to start a restaurant business.
30:08
[SPEAKER_02]: whether all the mistakes, where do you get the supplies, had a lot of supplies, I thought.
30:11
[SPEAKER_02]: So you see how in those, in those one industry of being a barbecue, I had four strings.
30:16
[SPEAKER_02]: I could then do a book.
30:17
[SPEAKER_02]: So you can take that one industry and you just milk it into multiple strings of income.
30:21
[SPEAKER_01]: And then you're only focusing on that one thing.
30:24
[SPEAKER_01]: Correct.
30:24
[SPEAKER_01]: But you're getting paid multiple ways.
30:26
[SPEAKER_01]: Correct.
30:27
[SPEAKER_01]: Absolutely, I love that.
30:31
[SPEAKER_01]: Business funding and grants, right?
30:36
[SPEAKER_01]: You know, I said this that earlier, you know, 90% of businesses closed down within the first five years and another 90% closed before they hit the 10 year mark.
30:45
[SPEAKER_01]: I don't know the true stats, but majority of them state,
30:49
[SPEAKER_01]: access the capital as being the reason why, um, why talk to us about the power of business funding, the power of grants, and why don't most entrepreneurs take advantage of those?
31:03
[SPEAKER_02]: Okay.
31:03
[SPEAKER_02]: Well, my take may be a little controversial.
31:07
[SPEAKER_02]: Okay.
31:09
[SPEAKER_02]: I don't believe in people getting into debt in the beginning, okay?
31:13
[SPEAKER_02]: I believe in being fiscally responsible.
31:16
[SPEAKER_02]: Here's the thing, if you don't know how to make a sale, if you can't go get a stranger to buy your product or service, don't touch the money.
31:25
[SPEAKER_02]: Because that debt, everyone can't handle debt.
31:29
[SPEAKER_02]: That debt gonna have you lose your wife, lose your husband, get them kids at a private school, gonna take you to bankruptcy.
31:36
[SPEAKER_02]: in.
31:37
[SPEAKER_02]: So no business funding first.
31:39
[SPEAKER_02]: No business funding first.
31:41
[SPEAKER_02]: If you don't know how to go get a sale.
31:44
[SPEAKER_02]: See everyone, everyone doesn't know how to sell.
31:47
[SPEAKER_00]: Right.
31:48
[SPEAKER_02]: So the mistake I see people spend three months, six months a year trying to figure out how to get funding and get the credit cards and drain their 401k and get through and they build the business.
32:01
[SPEAKER_02]: They got the
32:03
[SPEAKER_02]: Now they're looking for the button to push to bring the customers.
32:08
[SPEAKER_02]: That's the hardest part in business.
32:10
[SPEAKER_02]: The million dollar problem is getting a person to drive into your store and go pull that credit card and spend with you.
32:17
[SPEAKER_02]: If you can't do that, don't touch that money.
32:20
[SPEAKER_02]: Your wife will leave you.
32:22
[SPEAKER_02]: You'll have a heart attack.
32:23
[SPEAKER_02]: You'll become an alcoholic.
32:25
[SPEAKER_02]: That's what people don't talk about.
32:27
[SPEAKER_02]: And that's what I see all day everyday because I was in business.
32:31
[SPEAKER_02]: So don't touch the money.
32:34
[SPEAKER_02]: Go be able to sell your product and you may look bootleg.
32:38
[SPEAKER_02]: The problem is, especially for us, we want to look like money, do it.
32:43
[SPEAKER_02]: Look bootleg, you ever heard a masterpiece?
32:45
[SPEAKER_02]: Made millions selling his CD, written on it, going from place to place to place.
32:51
[SPEAKER_02]: He looked bootleg, he was making money.
32:54
[SPEAKER_02]: Once you make money, now we can go make the business pretty.
32:57
[SPEAKER_02]: But see, a lot of times, you want to look the part and not be the part.
33:00
[SPEAKER_02]: You're mental, so far, restaurant.
33:02
[SPEAKER_02]: They got mismatched furniture.
33:04
[SPEAKER_02]: They haven't passed the stay inspection board.
33:06
[SPEAKER_02]: They don't even sell branded drinks.
33:08
[SPEAKER_02]: They got rare coup-late and great coup-late.
33:10
[SPEAKER_02]: But that pork chop off the chain.
33:13
[SPEAKER_02]: That macaroni and cheese, I mean, you want to stop you, Mama.
33:15
[SPEAKER_02]: They have a line around the corner because that product in their services A1.
33:21
[SPEAKER_02]: So before you go touch the money.
33:24
[SPEAKER_02]: be able to sell your product in a smaller format.
33:27
[SPEAKER_02]: So I want to get into real estate if you don't have no money, you're not getting into real estate.
33:31
[SPEAKER_02]: And when you drain your 401k and get into it, you're going to buy the property the wrong way and you're going to lose it.
33:38
[SPEAKER_02]: Now you're in bankruptcy court, now you've had a downsize your house and that's what no one's talking about.
33:45
[SPEAKER_02]: So the first thing you want to do is be able to learn how to sell how to market.
33:49
[SPEAKER_02]: If you know how to do that, go get you a mentor, go get you a coach, go get someone that you're going to spend some money to tell you what not to do to save your marriage, to keep your kids in private school, to not have to foreclose on your house, to not file bankruptcy, to not have depression, to not having anxiety, to not be on therapist table, or alcoholism.
34:12
[SPEAKER_02]: So I preach business grants.
34:14
[SPEAKER_02]: We're going to baby step it.
34:17
[SPEAKER_02]: So your business may look a little bootleg in the meeting.
34:20
[SPEAKER_02]: When I started my hair extension company, current of the crime here, I started hair extensions on my law office conference table.
34:27
[SPEAKER_02]: Is that the hot law group and current of the crime here?
34:30
[SPEAKER_02]: All right.
34:32
[SPEAKER_02]: People were coming in, I would move on my loft, stuff off the table, and lay out my hair, bundles, and put the pictures up, but I was selling the hair.
34:41
[SPEAKER_02]: As I'm getting more sales, I didn't, hey, law partner, can you move out?
34:44
[SPEAKER_02]: I need this space.
34:45
[SPEAKER_02]: When I key it, that's a little pink drawers, and I head out, now the hair boutique has his own little little office by paying the same rent my loft.
34:55
[SPEAKER_02]: People still come, okay, the streets one bit.
34:57
[SPEAKER_02]: Now I go invest into commercial real estate, gallery area, high-ass property, because I know it works.
35:04
[SPEAKER_02]: Everyone does it the opposite way, and they focus on funding.
35:08
[SPEAKER_02]: You don't need funding.
35:09
[SPEAKER_02]: You need to be able to know how to sell and how to market.
35:11
[SPEAKER_02]: And that's what I teach all day.
35:13
[SPEAKER_02]: Market.
35:14
[SPEAKER_02]: Now, once we have this work, because another mindset that they're going to do, is they're going to go, let's say I sell clothes.
35:20
[SPEAKER_02]: I'm going to go get a whole bunch of blazers.
35:22
[SPEAKER_02]: couple of earrings.
35:24
[SPEAKER_02]: Once I lost my bit, I realized people want the earrings not the blazers, but now I'm out of money.
35:30
[SPEAKER_02]: Now I'm stuck for cash and now I'm saying I'm, no you went and you mismanaged the cash because you didn't know what the people were going to want.
35:38
[SPEAKER_02]: So start small.
35:40
[SPEAKER_02]: So I teach business grants, I have a grant software, go get some free money.
35:48
[SPEAKER_05]: Yeah.
35:48
[SPEAKER_02]: Free money to help you scale.
35:50
[SPEAKER_02]: Now, once you know what's working, once you have the education that's that I'm going to sell this one, do this.
35:56
[SPEAKER_02]: Now we go touch the credit cards.
35:58
[SPEAKER_02]: Now go Granger 401k.
36:00
[SPEAKER_02]: Now go drink your same scale.
36:01
[SPEAKER_02]: Can not we're going to tinx a working model.
36:05
[SPEAKER_01]: That is what has to, yeah, that's so powerful and I was like, as you were talking, I was like, you preach it today, the church doors are open, first they amen.
36:17
[SPEAKER_01]: Right, and it was so powerful and I just love the way you articulated that because I think that
36:25
[SPEAKER_01]: Um, you don't know what you don't know, and I think a lot of people, I mean, again, it is, it is people who don't have money who think that money solves everything.
36:35
[SPEAKER_02]: It doesn't.
36:36
[SPEAKER_01]: They think that, hey, if I just had the money, then I would fill in the blank, but that's false.
36:43
[SPEAKER_01]: Because you have the money, you're just going to, like, you're just going to blow it.
36:47
[SPEAKER_01]: And so, you know, start small, prove the model first.
36:51
[SPEAKER_01]: And then double death.
36:52
[SPEAKER_01]: Do you think it's a lack of patience?
36:54
[SPEAKER_01]: Like, why do, like, what you just said is the most logical thing I've ever heard.
37:03
[SPEAKER_01]: But still, entrepreneurs will fight you to know, give me the money.
37:09
[SPEAKER_01]: I get me the funding, would have they'll fight you to do it the opposite way, the way that they think works.
37:14
[SPEAKER_01]: Even though they never done it, what is it is a lot, is it patience?
37:18
[SPEAKER_01]: Like why aren't people willing to say people are, people don't want to be uncomfortable.
37:24
[SPEAKER_02]: See, when I started my law practice, I took my nails off.
37:27
[SPEAKER_02]: I had, I had, I had some of the budget.
37:31
[SPEAKER_02]: I ate on the 99 Cent Windy's menu.
37:33
[SPEAKER_02]: I got me a nugget in a baked potato in a diet coke for $3 back in the day.
37:38
[SPEAKER_02]: Or I would hit a Walmart and just some ramen noodles and some peas because my money had to go for makeup.
37:43
[SPEAKER_02]: I had to go a Mac every once in a month.
37:46
[SPEAKER_02]: But I know how to scale my life and live underneath my mean.
37:50
[SPEAKER_02]: It's gonna be uncomfortable, but just for a season.
37:53
[SPEAKER_02]: people can't be uncomfortable.
37:56
[SPEAKER_02]: Yeah.
37:56
[SPEAKER_02]: I need the funding to keep my lifestyle.
37:59
[SPEAKER_02]: Yeah.
37:59
[SPEAKER_02]: I need the funding to go make all these mistakes.
38:02
[SPEAKER_05]: Yeah.
38:02
[SPEAKER_02]: They don't want to go and just sacrifice.
38:04
[SPEAKER_02]: If you just stop getting that Starbucks coffee.
38:07
[SPEAKER_02]: If you turn and go car, if you go down size your home, you'll have the money you need to go start the business.
38:15
[SPEAKER_02]: But they want to still look like something because they're concerned with everyone else who's going to say, or they think people think that money is going to make them money.
38:26
[SPEAKER_02]: If you don't know what you're selling or you spend the money wrong, all you're doing is wasting money.
38:31
[SPEAKER_02]: I used to have a weight loss company,
38:36
[SPEAKER_02]: and money wasn't an option.
38:38
[SPEAKER_02]: So we had an unlimited budget.
38:40
[SPEAKER_02]: And we were going to sell our products, but we were going to make it up an MLAM company.
38:45
[SPEAKER_02]: We were going to have people be able to sell and make money.
38:48
[SPEAKER_02]: And the aim was to say entrepreneurs are going to sell these products too.
38:51
[SPEAKER_02]: We're going to go and have a branded stand to be able to sell the weight loss supplements, the tea, the detox in their stores.
39:00
[SPEAKER_02]: We wouldn't spend $10,000 on the software to make our company a multi-level marketing company.
39:08
[SPEAKER_02]: We wouldn't spend $15,000 in China getting these a whole bunch of cardboard display cans.
39:14
[SPEAKER_02]: I mean, it's this display.
39:15
[SPEAKER_02]: So you're the business owners here who used to display their supplements at that day, bye.
39:20
[SPEAKER_02]: They love the product.
39:22
[SPEAKER_02]: They want it to sell it.
39:24
[SPEAKER_02]: Nobody wanted to do that multi-level marketing form.
39:27
[SPEAKER_02]: I don't I don't want to get people don't want to sell the product.
39:30
[SPEAKER_02]: So that was a waste of money.
39:32
[SPEAKER_02]: Yeah, they want to sell the peels in their store But they want to have their own brand.
39:36
[SPEAKER_02]: You know what this yellow and go.
39:37
[SPEAKER_02]: I mean go to purple.
39:39
[SPEAKER_02]: This really works branding.
39:40
[SPEAKER_02]: So no one want the containers that right there is 30 or I met a math 10 and 15.
39:45
[SPEAKER_02]: That's $25,000 of money just
39:48
[SPEAKER_02]: down the drain, on stuff that we did need.
39:51
[SPEAKER_05]: Yeah.
39:52
[SPEAKER_02]: Now, had I stuck with Joy?
39:55
[SPEAKER_02]: We got the money but still.
39:57
[SPEAKER_02]: Skeleton does steeper works, so what they have money.
40:00
[SPEAKER_02]: You know, you're going to be wasting money Coving your starting.
40:04
[SPEAKER_02]: You don't know what the streets want.
40:05
[SPEAKER_02]: Yeah, so we got to be okay with looking small be okay Which is Nothing and now I call it master opinion just master p a get what's works and there we go double down on what's working But there's too many people wanting to be a business owner.
40:22
[SPEAKER_02]: I did a consultation and This guy wants to do a career service
40:27
[SPEAKER_02]: He inherited some money, and he is trying so hard to spend, I get so many people that inherit money, but like, don't do nothing, right?
40:36
[SPEAKER_02]: Keep in the bank for six months, don't touch it.
40:39
[SPEAKER_02]: Don't touch it, go long what you want to do.
40:41
[SPEAKER_02]: So he wants to go by a van to do a career service.
40:45
[SPEAKER_02]: I have a business, bestie, day, Ron, he, I was like, hmm, spend just $200, he got a five day class, learn about it.
40:51
[SPEAKER_02]: He's going to teach you how to get these contracts, do the career service in your car.
40:57
[SPEAKER_02]: Well, I want to feel like a business owner.
40:59
[SPEAKER_02]: If I had a van, I would feel like a business owner.
41:03
[SPEAKER_02]: And I said, when you get this van, but you don't have no contract, you don't have no delivery.
41:10
[SPEAKER_02]: You don't have, you're making no money.
41:12
[SPEAKER_02]: That no is going to be a monkey around your next stress.
41:16
[SPEAKER_02]: But they want to feel like I'm a business owner.
41:20
[SPEAKER_02]: So I think it's dealing with number one,
41:24
[SPEAKER_02]: what's missing in us, like why can't I just master pee?
41:28
[SPEAKER_02]: Why am I not a cave of looking small?
41:30
[SPEAKER_02]: Number two is the misconception that money is going to make me money.
41:35
[SPEAKER_02]: No, you have to know what to do with the money.
41:38
[SPEAKER_02]: Yeah.
41:38
[SPEAKER_02]: Number three, it requires.
41:40
[SPEAKER_02]: Work, ask, marketing, getting out there selling, people on the go hire marketing company.
41:46
[SPEAKER_02]: Well, hold your target audience.
41:47
[SPEAKER_02]: Well, they said, say about today about the build your business, no one's going to build your business and give you all the profit.
41:54
[SPEAKER_02]: They're going to ask you, well, who's your target audience?
41:56
[SPEAKER_02]: If you don't know, they're going to be marketing or have spent $10,000 and get nothing.
42:01
[SPEAKER_02]: So you have to go do the work.
42:04
[SPEAKER_02]: missed out on parties, missed on time with your friends, sacrifice for a season, but I promise you.
42:11
[SPEAKER_01]: Yeah.
42:11
[SPEAKER_02]: You're going to walk into an overflow once you master that.
42:15
[SPEAKER_01]: Yeah.
42:16
[SPEAKER_01]: Let me, let me play devil's advocate for a second though, because with the gentleman who says, hey, I want to feel like a business owner.
42:25
[SPEAKER_01]: as it relates to manifestation and I'll be fully transparent, I used to battle with this as well, right?
42:32
[SPEAKER_01]: Where it's like, I could get money when I feel like money opposed to, and I'm not saying everybody should do this, but I've actually done it, where, you know, I took money, not money I didn't have, but I took like the last of money,
42:50
[SPEAKER_01]: to feel a certain way, but that feeling got me in my bag and I was able to make money right like through understanding like manifestation and understanding I because I feel good I'm able to attract certain type of opportunities and things in that nature.
43:06
[SPEAKER_01]: What do you say to those type of people who who do operate in that way?
43:12
[SPEAKER_02]: So everything isn't for everybody, okay?
43:20
[SPEAKER_02]: My question is going to be, if you lose this, are you going to be okay?
43:25
[SPEAKER_04]: Mm, okay.
43:26
[SPEAKER_02]: So you want to take your last $10,000, and you want to go on a trip and get you a suit, and that's going to make you boom.
43:31
[SPEAKER_02]: And then you are counting on yourself to end this season.
43:34
[SPEAKER_02]: You're going to be able to manifest something.
43:36
[SPEAKER_02]: If that's the risk, are you okay with the risk?
43:39
[SPEAKER_02]: See, and no, people never think of the consequence of their decision.
43:43
[SPEAKER_02]: So if you're okay with, I'll say, are you my question to him is, if you lose this, are you going to be okay?
43:50
[SPEAKER_02]: Or are you going to be in depressed, anxiety, poppin, peels, where are you going to be?
43:56
[SPEAKER_02]: If you, if you like, well, no, I'm not gonna be okay.
43:58
[SPEAKER_02]: You don't do it.
43:59
[SPEAKER_02]: Right.
43:59
[SPEAKER_02]: So the other thing on your, everyone's wrist tolerance ain't the same.
44:03
[SPEAKER_02]: I always say, if you see me fighting a bear, go help the bear.
44:05
[SPEAKER_02]: I'm gonna be okay.
44:07
[SPEAKER_02]: Everyone's different.
44:07
[SPEAKER_01]: Yeah.
44:08
[SPEAKER_02]: So depending on that, that philosophy ain't gonna work for everybody else.
44:12
[SPEAKER_01]: Yeah.
44:12
[SPEAKER_01]: And you know what?
44:14
[SPEAKER_01]: Because like I snickled two seconds ago, because even as I was asking it to you, and you gave me that look, I don't know if you knew you gave me a look.
44:24
[SPEAKER_01]: You gave me this look.
44:25
[SPEAKER_01]: And I thought to myself that it's all in perception also, because the truth is, and I think that's what people get caught up.
44:36
[SPEAKER_01]: The truth is, what I call my last is not ever my last.
44:40
[SPEAKER_01]: Correct, right?
44:41
[SPEAKER_01]: And so, like for instance, I don't know, like, you know, God has blessed me, and I'm at that rich.
44:49
[SPEAKER_01]: But if, if I look at my bank account and, you know, cloud, I'm broke.
44:54
[SPEAKER_02]: But you have something to leverage if something were to happen.
44:57
[SPEAKER_02]: Where if, and I say, is this your last thing?
45:00
[SPEAKER_02]: So it's just, this is your last, if I lose this, there's nothing else that I can bounce off of.
45:06
[SPEAKER_02]: I don't have a skill so I can go, I, I can at least go do some hair, or did I, if, then I would say, well, no, that, that wouldn't make sense.
45:14
[SPEAKER_05]: Yeah.
45:14
[SPEAKER_02]: Especially if you aren't already an entrepreneur see if if if if if you're like hey I don't have nothing but you'll pass as you don't build for the business You already know the blueprint all you need is something small to get going if someone has never done it Yeah, then no you you getting this car this suit is gonna make you more depressed because when that note is due Now when they when they come seize the car right
45:37
[SPEAKER_02]: You know what I'm saying?
45:38
[SPEAKER_01]: And that's another good point though, too, is stop comparing.
45:42
[SPEAKER_01]: Correct.
45:43
[SPEAKER_01]: Don't compare.
45:44
[SPEAKER_01]: Joy-hunt and ask cash to your beginning.
45:47
[SPEAKER_01]: Like, it's like...
45:49
[SPEAKER_01]: Yeah, we don't compare your chapter one.
45:51
[SPEAKER_02]: I'm on chapter third.
45:52
[SPEAKER_01]: What does it mean?
45:53
[SPEAKER_01]: It's different.
45:54
[SPEAKER_01]: What does it mean?
45:54
[SPEAKER_02]: Let's see, a lot of times people don't want to be transparent.
45:57
[SPEAKER_02]: They want to act like, oh, you know, I got this.
46:00
[SPEAKER_02]: I got this.
46:01
[SPEAKER_05]: Yeah.
46:01
[SPEAKER_02]: Maybe this is them, but I got why I am over tears.
46:05
[SPEAKER_02]: Yeah.
46:05
[SPEAKER_02]: Millions lost so many legs.
46:07
[SPEAKER_02]: Let me, it's, it's a lot and being an entrepreneur is always a journey.
46:12
[SPEAKER_05]: Yeah.
46:12
[SPEAKER_02]: And so.
46:13
[SPEAKER_01]: Have you ever been depressed like losing money?
46:15
[SPEAKER_01]: Like I got.
46:17
[SPEAKER_01]: I remember.
46:18
[SPEAKER_01]: I had a time when I lost $1.2 million and it put me into like a hole, like it was good.
46:26
[SPEAKER_01]: You said you use that millions and you never like, nah.
46:30
[SPEAKER_02]: Me, so I'll give an example.
46:32
[SPEAKER_02]: We, on our salons, are fist salons, dumb decision.
46:37
[SPEAKER_02]: Whenever you find something that works, stick with it.
46:40
[SPEAKER_01]: That's a stick with it.
46:41
[SPEAKER_01]: That's right.
46:41
[SPEAKER_01]: Stick with it.
46:43
[SPEAKER_02]: That's a chemical bigger, because we think sometimes you've got to go big.
46:46
[SPEAKER_02]: You've got to go big, but sometimes the smart, the club, the crunker, the party.
46:50
[SPEAKER_02]: and I doubled my salon side.
46:53
[SPEAKER_02]: I took my cookie curve that was working and I doubled everything, and the math didn't matter.
46:59
[SPEAKER_02]: And I spent a whole year just pouring good money on bad debt, trying to hold on.
47:05
[SPEAKER_02]: I should have been closing down.
47:07
[SPEAKER_02]: We need to hold on safe face, and
47:11
[SPEAKER_02]: That wasn't it.
47:12
[SPEAKER_02]: That wasn't it all.
47:14
[SPEAKER_02]: And what was so hard is we built that salon from the ground up.
47:18
[SPEAKER_02]: So we spent that we spent a half million dollars cash.
47:22
[SPEAKER_02]: So I'm looking at my sheet rock.
47:24
[SPEAKER_02]: He's seeing here and so when you take a loss like that, for me, my whole thing is like, if I get sad, if I get depressed, I'm about to go down the wrong rabbit hole.
47:36
[SPEAKER_02]: So whenever I have a
47:39
[SPEAKER_02]: God.
47:40
[SPEAKER_02]: Why am I here?
47:42
[SPEAKER_02]: What is the lesson that you're trying to show me?
47:45
[SPEAKER_02]: So I can learn the lesson.
47:47
[SPEAKER_02]: Number two is how do I pivot?
47:50
[SPEAKER_02]: How do I pivot?
47:52
[SPEAKER_02]: How do I get from up under this and go make some money somewhere else?
47:56
[SPEAKER_02]: When we had five so long just in Houston area.
47:58
[SPEAKER_02]: And one morning, we got hit all salons from our hair.
48:02
[SPEAKER_02]: We're selling hair.
48:03
[SPEAKER_02]: And got a call at 5 a.m. ADP,
48:09
[SPEAKER_02]: get to the salon, they had come to the ceiling and stole all the hair, as we're at the salon talking to the police, fun goes off again, walk on the cameras, they're at another location.
48:23
[SPEAKER_02]: So I'm like, can you call, oh no, that's Harris County, we're in Houston, we can't.
48:28
[SPEAKER_02]: So they hit all of our salons one morning, it's total all of our hair.
48:32
[SPEAKER_01]: Yeah, it's our job.
48:34
[SPEAKER_02]: Yes.
48:36
[SPEAKER_02]: Tax money hit that day.
48:39
[SPEAKER_02]: We have been spending since September, it may be about $89,000, $80 or $90,000 a month just stocking up on inventory because we knew this February was going to be our run.
48:51
[SPEAKER_02]: So I'm in the car now going to our third location.
48:55
[SPEAKER_02]: They drove their car.
48:57
[SPEAKER_02]: This long was all glass.
48:59
[SPEAKER_02]: They drove the car from the parking lot
49:05
[SPEAKER_02]: So as I'm driving there in my mind, I'm like, I'm counting all the money I've lost, all the missed opportunity, all the sacrifices I've put in the bile of this hair.
49:16
[SPEAKER_02]: And I'm like, okay, God, why?
49:20
[SPEAKER_02]: Why is happening to me, okay, Joy, you gotta think.
49:24
[SPEAKER_02]: If I get sad, if I cry, I ain't gonna make no money.
49:27
[SPEAKER_02]: So I got, what is the, what's the learning lesson?
49:29
[SPEAKER_02]: God showing less, I didn't know of less or less.
49:31
[SPEAKER_02]: Number two pivot, alright, you better tell the style of having a cell and no hair.
49:34
[SPEAKER_02]: When the client's coming, got no hair.
49:37
[SPEAKER_02]: Go bring the hair, I don't have no upset customers coming in.
49:40
[SPEAKER_02]: We got this over still on services, okay?
49:45
[SPEAKER_02]: Let me tell you how it works.
49:46
[SPEAKER_02]: See, when you can pivot and you can move over, I think that's going to bless you more.
49:51
[SPEAKER_02]: Yeah.
49:52
[SPEAKER_02]: So our supplier is closed.
49:56
[SPEAKER_02]: But what I did that year, I switched my vendor.
49:59
[SPEAKER_02]: Mm-hmm.
50:00
[SPEAKER_02]: Well, when you have a vendor that works, keep them.
50:05
[SPEAKER_05]: Yeah.
50:05
[SPEAKER_02]: Don't go for anything cheaper.
50:07
[SPEAKER_02]: Yeah, yeah.
50:09
[SPEAKER_02]: I got greedy.
50:10
[SPEAKER_02]: I can make an extra five hours of bundle if I go with the vendor.
50:18
[SPEAKER_02]: We only had 10 bones of hair left when they stole from, with that in the street.
50:24
[SPEAKER_02]: Me having about 10 to, maybe about 10 customers I got the hair of its under streets.
50:29
[SPEAKER_02]: All 10 customers they came back in two weeks for that wash and redo, all their hair dreaded up.
50:36
[SPEAKER_02]: had to cut the hair out.
50:38
[SPEAKER_04]: Wow.
50:39
[SPEAKER_02]: The vendor that had sent the sample hair that I wore in Swamian was a different quality than what they sent.
50:47
[SPEAKER_02]: That's true, wow.
50:48
[SPEAKER_02]: And guys, say you fool, you about to take your whole brand out, trying to make it extra $5 per bundle.
50:56
[SPEAKER_02]: See, sometimes the calamity comes to say you.
50:58
[SPEAKER_01]: Oh, that's good.
50:59
[SPEAKER_01]: Yeah, yeah, yeah, yeah, yeah.
51:00
[SPEAKER_02]: And we all be here sad or at church laid out we think God's crucifying us, God's saving you.
51:06
[SPEAKER_01]: Right, yeah.
51:08
[SPEAKER_02]: He had that man leave you because he wasn't your person.
51:13
[SPEAKER_02]: He had that job for you because that wasn't your dream job.
51:17
[SPEAKER_02]: So you lay out the prayers, God say it's for your blessing.
51:22
[SPEAKER_00]: Right, right, right, wow, yeah.
51:24
[SPEAKER_02]: So it took me almost three weeks to realize why God had just taken everything from me.
51:31
[SPEAKER_02]: But he said, girl, you've done me.
51:33
[SPEAKER_02]: I'm saving your brain.
51:35
[SPEAKER_02]: So only at 10 upset clients, I had to buy them BUSH apply hair, or on his, hey, that's what's vendors, I'm out of order.
51:43
[SPEAKER_02]: Go, we're gonna cut this out, go buy some hair, remember to see I'm a pay for it, and I'm about to go back to my old vendor.
51:50
[SPEAKER_02]: When they come back, I'm gonna give you some free hair.
51:52
[SPEAKER_02]: I couldn't do that if everyone had messed up here.
51:56
[SPEAKER_02]: Now, ooh, I bought the hair from Subaru, but it was, so, see, sometimes you laid out the press and gosh, I'm a blessing.
52:02
[SPEAKER_02]: You got to just hold on.
52:03
[SPEAKER_02]: To know, I don't get the press.
52:05
[SPEAKER_02]: I'm always thinking, how do I pivot?
52:08
[SPEAKER_02]: Where am I changing?
52:09
[SPEAKER_02]: What's the next move?
52:10
[SPEAKER_02]: I'm never going to just be stuck.
52:11
[SPEAKER_01]: Yeah.
52:12
[SPEAKER_01]: How did you become this self-aware?
52:15
[SPEAKER_01]: Was it something that you've always had?
52:17
[SPEAKER_01]: Did you grow into this?
52:19
[SPEAKER_01]: This joy, huh?
52:19
[SPEAKER_02]: My dad, my dad.
52:21
[SPEAKER_02]: Growing up as a child, if I got 95, if I can be a 90 thing, if I got a A, if I can be a, you have to be 10 times better than your counterpart, you have to be, and then I think is being as a woman, you know, you're always being a second guest, you know,
52:37
[SPEAKER_02]: I don't, I don't know.
52:38
[SPEAKER_02]: I just know is not an option.
52:40
[SPEAKER_02]: I'm, it's like, I don't my guess.
52:41
[SPEAKER_02]: Many knows how the way and so I can get to my yes.
52:43
[SPEAKER_02]: Okay.
52:43
[SPEAKER_02]: So, we, they broken to these salons.
52:45
[SPEAKER_02]: Okay, screw it.
52:46
[SPEAKER_02]: Get the contracting here, fix the ceiling here, get the glass cup.
52:49
[SPEAKER_02]: I'm always trying to see, I'm always, I'm always trying to, how do I, how do I fix this or how do I move on?
52:56
[SPEAKER_01]: Wow, wow, powerful.
52:58
[SPEAKER_01]: I have this theory.
53:00
[SPEAKER_01]: that street guys, people from the streets, hustlers are like really good at business, they're just focusing on the wrong things, right?
53:12
[SPEAKER_01]: If I gave you access to a hundred hustlers right now, who want to be entrepreneurs, what's the hard truth you'll tell them that might hurt their feelings?
53:24
[SPEAKER_02]: you are sleeping on yourself.
53:26
[SPEAKER_02]: You have what everyone in MBA program is wanting to know.
53:31
[SPEAKER_02]: You already know supply and demand.
53:33
[SPEAKER_02]: You already know territories.
53:35
[SPEAKER_02]: You already know how to market.
53:37
[SPEAKER_02]: You already know competition.
53:39
[SPEAKER_02]: You already know pricing.
53:42
[SPEAKER_02]: I have a felon friendly grant bundle on my website for this one reason.
53:48
[SPEAKER_02]: If you were a hustler,
53:51
[SPEAKER_02]: That's the hardest thing.
53:52
[SPEAKER_02]: And this is getting someone to buy and sell your product, right?
53:55
[SPEAKER_02]: Making a brain, right?
53:57
[SPEAKER_02]: Just change what you sell it.
53:59
[SPEAKER_02]: You already have the blueprint.
54:01
[SPEAKER_02]: Now, you're gonna look to see, but I have a conviction.
54:05
[SPEAKER_02]: I don't have this.
54:06
[SPEAKER_02]: I don't have that.
54:07
[SPEAKER_02]: You don't need all that.
54:08
[SPEAKER_02]: I wasn't no millionaire being an attorney.
54:11
[SPEAKER_02]: I made millions and industry that've had no experience in.
54:15
[SPEAKER_02]: I was doing about $20,000 a month as an attorney.
54:18
[SPEAKER_02]: That's it.
54:19
[SPEAKER_02]: I would die if that's what I was doing right now.
54:22
[SPEAKER_02]: You know what I'm saying?
54:23
[SPEAKER_02]: So it's like it's not the degree.
54:24
[SPEAKER_02]: It's not that you just need to make yourself look presentable.
54:28
[SPEAKER_02]: You know what I'm saying?
54:29
[SPEAKER_02]: Like don't have to saggy pants and all that.
54:31
[SPEAKER_02]: You may need to kind of let's maybe change our
54:35
[SPEAKER_02]: how we're talking, so we just sound a little bit more professional, right?
54:39
[SPEAKER_02]: But you already have the magic.
54:42
[SPEAKER_02]: You already have the blueprint.
54:45
[SPEAKER_02]: Just change what it is that you're selling and you're going to have gold.
54:49
[SPEAKER_02]: Don't go on, don't, don't, don't try to go on that corporate road.
54:52
[SPEAKER_02]: Don't try to apply for no job.
54:54
[SPEAKER_01]: Go sell something.
54:56
[SPEAKER_01]: Yeah, yeah, I love that.
54:57
[SPEAKER_01]: Um, so let's just say someone's starting today, um, they prove the concept so that they're, they're, you know, they know how to sell their product or service, they've got, you know, gotten some grant money and they want to build business credit, right?
55:13
[SPEAKER_01]: Um, what's the first step for them to build business credit and what are some things that they should avoid?
55:19
[SPEAKER_02]: They need to understand that their business and them are separate.
55:24
[SPEAKER_02]: So, your LLC has no value as far as credit-wise until we go build out the credit on the business EIN.
55:32
[SPEAKER_02]: So, that's going to be a process.
55:34
[SPEAKER_02]: So, first, you want to go get what they call the tier 1 vendors.
55:37
[SPEAKER_02]: You want to go and have credit lines that are being reported on your denim brass sheet report.
55:42
[SPEAKER_02]: Then you're going to go through a series of those things to be able to get straight lines or buy straight lines to report where we're looking to have credit based on your EI in.
55:53
[SPEAKER_02]: They end to go and actually walk into the bank but you are going to have to have business revenue.
56:00
[SPEAKER_02]: So, at the end of the day, we still got to be able to
56:03
[SPEAKER_02]: have, know how to sell to have that cash flow coming in.
56:08
[SPEAKER_02]: Let me tell you another reason cash, why it's so important to, what I say, boot shop your business in the beginning.
56:14
[SPEAKER_02]: When it's now time to scale it, you're gonna have to steal bootstraps, some things, because then you're scaling our cash flow is now going to be thin, we got more locations, more equipment.
56:25
[SPEAKER_02]: So now you gotta still be able to be able to trim some fat,
56:29
[SPEAKER_02]: meaning we can't go on a big vacation this season kids, meaning we can't upgrade our car right now.
56:36
[SPEAKER_02]: We gotta still be able to trim some fat off so we can scale our business.
56:41
[SPEAKER_02]: So I think a lot of times understanding how the established business credit, but it may to have to be you in scaling.
56:50
[SPEAKER_01]: Yeah.
56:51
[SPEAKER_01]: Yeah.
56:52
[SPEAKER_01]: What are some things people should avoid?
56:54
[SPEAKER_01]: Was like one of the biggest mistakes you would say people make once they have established business credit or they've gotten to that first step.
57:04
[SPEAKER_02]: I think the biggest thing is it's going to be in patients.
57:06
[SPEAKER_02]: I think they're about to get it right now.
57:08
[SPEAKER_02]: So number one, number one, we patients, number two, not getting enough trade lines reporting in each of the different tiers.
57:15
[SPEAKER_02]: I think I'm going to get this one quill account, this one grains your account, and now I have business credit.
57:21
[SPEAKER_02]: Number three, I'm going to say is when they're trying to build out their credit profile, their business, everything isn't consistent.
57:30
[SPEAKER_02]: So we have one address on our EIAM
57:34
[SPEAKER_02]: We don't have our digital footprint.
57:35
[SPEAKER_02]: You've got to have a website, beyond yellow, beyond Google, go have 411, we don't have our business address, we're having a cell phone.
57:43
[SPEAKER_02]: If you want to make sure you have all of these things built out as you're building your business credit.
57:50
[SPEAKER_01]: What are you building when I think about from lawyer to here, to automotive, to assurance, digital empire, business tax,
58:03
[SPEAKER_01]: when it's all said and done, what will be of the Joy Hunt brand?
58:08
[SPEAKER_02]: Hmm, I think what I'm trying to be right now is
58:15
[SPEAKER_02]: A brand that is going to teach you how to get to the bank, but a brand that's going to get you to your next level.
58:25
[SPEAKER_02]: A lot of people go through a storm and they focus on what the storm took, the storm can affect their self-esteem, the storm can make them.
58:35
[SPEAKER_02]: Just stop dreaming.
58:36
[SPEAKER_05]: Yeah.
58:37
[SPEAKER_02]: And I was there in my marriage.
58:40
[SPEAKER_02]: And I want to inspire people that you can get back up and life gives you that Mike Tyson blow.
58:45
[SPEAKER_02]: Yeah.
58:45
[SPEAKER_02]: You can still get back up and whatever the devil stole from you, God will give it to you back 10 times better.
58:51
[SPEAKER_01]: Yeah, what, what, what, I don't know you said, you know, soon of the ex-husband, what was that like, right?
58:56
[SPEAKER_01]: Because from understanding your story, you know, you guys built a lot of things together.
59:03
[SPEAKER_01]: What was it like knowing that, all right, like what made y'all come to the, I don't know, for mutual or whatever, but like what, what ended the marriage, but how was that like building something with somebody and then having to, you know, kind of separate.
59:19
[SPEAKER_02]: Um, what ended it was, I found the video having sex with one of our employees and so keeping it cute, I just moved to the next subdivision and we're going to be business partners, then about three weeks later, he saw a series about like I'm really going to divorce you and he shot at me in our dealership in front of our son.
59:42
[SPEAKER_02]: And then for our safety, I had to just pack up and move to Florida because my bread was in Florida.
59:48
[SPEAKER_02]: And then 30 days later, he took all the money out of accounts and he locked me out of our businesses in February of 2022.
59:56
[SPEAKER_02]: My mom had to pay my rent.
59:58
[SPEAKER_02]: So, building on my own was survival, building on my own was my son is not going to let me, not going watch me fail.
1:00:09
[SPEAKER_02]: Because he's used to all these things, and now we're at Little Seasers Pizza.
1:00:14
[SPEAKER_02]: We are no furniture in the house.
1:00:17
[SPEAKER_02]: I were just trying to get some things going.
1:00:20
[SPEAKER_02]: And so,
1:00:21
[SPEAKER_02]: This one, I love because I don't have to run anything by anyone.
1:00:26
[SPEAKER_02]: This, the round, I love because I don't have anyone who may do something that I don't agree with that.
1:00:31
[SPEAKER_02]: We need to kind of sabotage them around.
1:00:33
[SPEAKER_02]: This is just all of me.
1:00:35
[SPEAKER_02]: I can have my own creativity.
1:00:37
[SPEAKER_02]: So I love, I just love this season.
1:00:39
[SPEAKER_02]: God is just overblasting me.
1:00:42
[SPEAKER_02]: It's just insane.
1:00:43
[SPEAKER_02]: And so I want to inspire anyone else who's been counted out.
1:00:48
[SPEAKER_02]: We have a bad deck of cards.
1:00:49
[SPEAKER_02]: Maybe you can go up and go in.
1:00:51
[SPEAKER_01]: Yeah.
1:00:51
[SPEAKER_01]: Yeah.
1:00:52
[SPEAKER_01]: I love that.
1:00:53
[SPEAKER_01]: What, what, um, what's the biggest lesson you're teaching a son and what, what do you, what do you, when he watches your journey, what's the one thing that you, um, or the main thing you want him to, to like.
1:01:06
[SPEAKER_01]: carry with him.
1:01:08
[SPEAKER_02]: The main thing is that you can do anything.
1:01:11
[SPEAKER_02]: He doesn't, he doesn't like school.
1:01:15
[SPEAKER_02]: Yeah.
1:01:15
[SPEAKER_02]: Okay.
1:01:16
[SPEAKER_02]: And so for this, for this school year, we had like a lot of seeds and he gets frustrated when he doesn't, when he doesn't understand things and he'll just answer anything.
1:01:27
[SPEAKER_02]: And so one day we're sitting down because he has a tutor because me and he, I am,
1:01:32
[SPEAKER_02]: If Johnny has four apples, so me and him, I'm not the person for him, right?
1:01:38
[SPEAKER_02]: But one day he was in his homework, I was on the helping, and he was like, Mommy, I just, I'm not, I'm not smart enough.
1:01:43
[SPEAKER_02]: And I said to you, you come from me, you've got my brain.
1:01:48
[SPEAKER_02]: Yeah, yeah, yeah, yeah.
1:01:48
[SPEAKER_02]: I say, you know, you saw what happened on Tuesday, we call the shooting as Tuesday, because it happened on Tuesday.
1:01:54
[SPEAKER_02]: And you saw mommy, you saw what's flying on the plane because we, we was flying around first class he had never been in coast before.
1:02:02
[SPEAKER_02]: And but when we left everything he was in C-26, C-N-D.
1:02:07
[SPEAKER_02]: He was like, wait, what's bad here, right?
1:02:09
[SPEAKER_02]: And so you saw mommy go from all of that to where we are now.
1:02:14
[SPEAKER_02]: You saw his little sister because he didn't know that we didn't have any money because, you know, I'm proactive pivoting.
1:02:21
[SPEAKER_02]: Right, right.
1:02:21
[SPEAKER_02]: We're also going to Disney.
1:02:23
[SPEAKER_02]: They have another music part called Blows A Voice, smaller than being on the rise fast.
1:02:27
[SPEAKER_02]: I don't know Disney money, but so in him here, he must be like, Molly, we didn't have any money.
1:02:33
[SPEAKER_02]: No, do you know how he money?
1:02:35
[SPEAKER_02]: So I'm like, you saw what's going from here to there if I can do it.
1:02:39
[SPEAKER_02]: That means you can do it too, right?
1:02:41
[SPEAKER_02]: He was like,
1:02:43
[SPEAKER_02]: right.
1:02:43
[SPEAKER_02]: Yeah.
1:02:44
[SPEAKER_02]: Ash after that one conversation in a month's time, the tutor was like, have you seen his grades?
1:02:52
[SPEAKER_02]: He has all A's and a B.
1:02:54
[SPEAKER_02]: Now, that's huge because we are a B C like a B's is just if we got a B B group, right?
1:03:02
[SPEAKER_02]: They're all from A's.
1:03:03
[SPEAKER_05]: Yeah.
1:03:03
[SPEAKER_02]: He'll go every day as a tutor and he gets to go play and he'll come home and on his own.
1:03:10
[SPEAKER_02]: Pull up his laptop and start doing his homework because he likes all the accolades of having an A.
1:03:17
[SPEAKER_02]: He likes being known as, hey, my grades are good.
1:03:19
[SPEAKER_02]: Of course, I am over giving him gifts to go, hey, I believe he'll get more B's with honey than vinegar, right?
1:03:27
[SPEAKER_02]: And so he likes feeling like he's smart.
1:03:30
[SPEAKER_05]: Yeah.
1:03:30
[SPEAKER_02]: And it's nothing but the grace of God.
1:03:34
[SPEAKER_02]: But the undereased on why I go to able to get up and fight disco around was because he was watching me.
1:03:41
[SPEAKER_02]: And I had to show him, mommy's not going to just lay down.
1:03:44
[SPEAKER_01]: Yeah, yeah.
1:03:45
[SPEAKER_01]: Was your, you know, from the beginning, if it sounds like, you know, God is part of your business plan.
1:03:55
[SPEAKER_01]: Has that always been the case?
1:03:57
[SPEAKER_01]: Or did you grow closer to God later?
1:04:02
[SPEAKER_02]: God has always been a part of my business plan.
1:04:06
[SPEAKER_02]: I wasn't as vocal.
1:04:07
[SPEAKER_02]: I was very into separation of business and church.
1:04:11
[SPEAKER_02]: Like, I don't, I don't combine the two.
1:04:14
[SPEAKER_02]: This go around when I found myself with no money, when I saw that the play that my husband, my in-laws who I've taken care of since they've been living with us for over 10 years.
1:04:27
[SPEAKER_02]: Like, y'all going to just try to steal the businesses from me.
1:04:30
[SPEAKER_02]: Like, this is where we're going.
1:04:32
[SPEAKER_02]: I just bought you a range rover and it's been like this is it's like the just the total lack of respect just the disregard of someone who I call dad like I didn't have in all that another dad another mom and I thought was so blessed with having these wonderful people I didn't have like I didn't have the bitching in love I I love my you know Wow sometimes you are sleeping or taking care of the enemy and So when I found myself my lowest point
1:05:01
[SPEAKER_02]: I heard God say, go, go turn on T.D.
1:05:04
[SPEAKER_02]: Jakes and I turn it on and cycle my how the storm will take things.
1:05:08
[SPEAKER_02]: Don't focus on what the storm took focus on what the storm left.
1:05:12
[SPEAKER_02]: And so I say, guys, you give me out of this when I promise you, I'm going to tell everyone it was you and every two of I'm going to show everyone what I did.
1:05:20
[SPEAKER_02]: So this go around you can't I won't do a podcast.
1:05:23
[SPEAKER_02]: I'm not going on live.
1:05:24
[SPEAKER_02]: I'm not doing a zoom in God Don't come out of my name.
1:05:28
[SPEAKER_02]: There's he has been the one that's guys don't give it that increase Yeah, and he's just blessed me so abundantly When he when you get that buck God blessing yeah, you know like This this this round wasn't me for sure for sure the way my up this was grew and shouldn't have grown this I know this one is a number God
1:05:46
[SPEAKER_01]: Yeah, yeah.
1:05:48
[SPEAKER_01]: Powerful, what are you telling 18-year-old joy?
1:05:53
[SPEAKER_01]: And like, yeah, the opportunity to talk to her with everything you know now.
1:05:56
[SPEAKER_01]: You're talking to 18-year-old joy, what are you telling her?
1:05:59
[SPEAKER_02]: You are that girl.
1:06:00
[SPEAKER_02]: You are her since clock it.
1:06:05
[SPEAKER_02]: When it comes to finances, yeah.
1:06:08
[SPEAKER_02]: Be leery about combining a finances with a man, put some parameters on how much someone can take out the bank account without your approval.
1:06:18
[SPEAKER_02]: Always have your name on every business into tea.
1:06:24
[SPEAKER_02]: Never treat a family member like a family member in business.
1:06:31
[SPEAKER_02]: There is no mixing of family and friends is business.
1:06:35
[SPEAKER_02]: It's always business.
1:06:37
[SPEAKER_02]: So always have your things together.
1:06:39
[SPEAKER_02]: So how I got bit ash was we started our dealership.
1:06:44
[SPEAKER_02]: My husband not had a tax lien from all the taxes.
1:06:46
[SPEAKER_02]: Okay.
1:06:46
[SPEAKER_02]: We had a.
1:06:47
[SPEAKER_02]: horrible audit, horrible tears my life had a tax link.
1:06:51
[SPEAKER_02]: So our finance company was like, hey, we don't really want your husband on the LLC because he has this tax link.
1:06:56
[SPEAKER_02]: So if you want someone that doesn't have a tax link.
1:06:59
[SPEAKER_01]: Is there one question that you wanted me to ask that I didn't ask?
1:07:05
[SPEAKER_02]: Well, what you didn't ask me is, but are the common mistakes that business owners make?
1:07:10
[SPEAKER_02]: Mm.
1:07:11
[SPEAKER_02]: That's awesome.
1:07:11
[SPEAKER_02]: From getting to the bank.
1:07:12
[SPEAKER_01]: So also me, so awesome.
1:07:13
[SPEAKER_02]: OK.
1:07:14
[SPEAKER_02]: So number one is not having the proper business structure, right?
1:07:17
[SPEAKER_02]: So a lot of times people think I'm too small for LLC or I can have one LLC and then run a whole bunch of DBAs out of that one entity.
1:07:26
[SPEAKER_02]: And we do not want to do that.
1:07:28
[SPEAKER_02]: from the very beginning you want to have your LLC or corporation to separate your assets from the business.
1:07:34
[SPEAKER_02]: So it's something where it happened to business, we don't lose our personal assets.
1:07:39
[SPEAKER_02]: We also don't want to have multiple businesses in one entity.
1:07:43
[SPEAKER_02]: So if I have a barbecue restaurant and I sell clothes and I do hair,
1:07:46
[SPEAKER_02]: If I combine all these in one LLC, if someone is involved in my hair salon and they sue me, I can then lose the cash and they ask from all of the businesses.
1:07:57
[SPEAKER_02]: So each business needs to have its own LLC or corporation.
1:08:02
[SPEAKER_02]: Number three is they're not running their business like it's Walmart.
1:08:05
[SPEAKER_02]: We are paying our personal bill or the business account.
1:08:08
[SPEAKER_02]: We are fashion over hair,
1:08:12
[SPEAKER_02]: We are not keeping our LLC active.
1:08:16
[SPEAKER_02]: We're just kind of just freestyling things, right?
1:08:18
[SPEAKER_02]: So if they can't tell a difference between you and your business and you become one, that means you don't have as a protection.
1:08:27
[SPEAKER_02]: The history forms or LLC, but if you were to get sued, they pull your last nine-day-to-bank statements, you'd have haircuts on there, you'd have some personal expenses, now they're taking everything.
1:08:38
[SPEAKER_02]: So I think that is the biggest mistake as far structure as far as marketing, not knowing what the pain points are of what their audience needs.
1:08:50
[SPEAKER_02]: So people don't like to sell.
1:08:52
[SPEAKER_02]: I don't want to sound salesy.
1:08:53
[SPEAKER_02]: So we're not selling anything.
1:08:55
[SPEAKER_02]: You're just letting everyone know I saw this problem.
1:08:58
[SPEAKER_02]: Every business solves a problem.
1:09:00
[SPEAKER_02]: So people don't care what you look like.
1:09:02
[SPEAKER_02]: They just care about
1:09:07
[SPEAKER_02]: How are they?
1:09:08
[SPEAKER_01]: 17 and 10.
1:09:10
[SPEAKER_02]: Okay.
1:09:11
[SPEAKER_02]: 10 euros a boy or a girl.
1:09:12
[SPEAKER_02]: But if your son broke his arm and you go to urgent care, do you care what the doctor looks like?
1:09:17
[SPEAKER_02]: No.
1:09:17
[SPEAKER_02]: Do you care with the furniture inside the urgent care looks like?
1:09:20
[SPEAKER_02]: Yeah.
1:09:20
[SPEAKER_02]: All you want to know is can he fix your son's arm?
1:09:23
[SPEAKER_02]: So, I think for marketing, get out of your way.
1:09:26
[SPEAKER_02]: Start worry about how you look, how you sound, my background's not aesthetic.
1:09:31
[SPEAKER_02]: You want to just let people know, hey, I saw this problem, I saw this problem.
1:09:35
[SPEAKER_02]: You're not selling, you just saw this problem.
1:09:37
[SPEAKER_02]: You want to talk about the pain point that the people have so they know that you're the solution.
1:09:43
[SPEAKER_02]: So as long as every single day you show up and you let people know the problem that you solve, you're a tribe that's going to run to you because you're solving their awful.
1:09:52
[SPEAKER_01]: And that's good because I think that's the biggest hiccup that a lot of business owners have is that they don't know how to sell.
1:10:00
[SPEAKER_01]: They're trying to sell the trying to sell.
1:10:01
[SPEAKER_01]: But if I'm here you correctly, if
1:10:04
[SPEAKER_01]: It's really awareness just let right know I saw this problem and if you do a good job of making people aware correct now you have a Now you have a lineman now you have the chase for cut you're not gonna face customers right there's a lineman because speaking of which like urgent care like you know I slipped on some ice My knee was taking too long to fix yourself and I'm like you are going to actually
1:10:28
[SPEAKER_01]: I didn't, nobody need to sell me on that.
1:10:31
[SPEAKER_01]: Exactly.
1:10:32
[SPEAKER_01]: I'm, I'm looking up.
1:10:33
[SPEAKER_01]: All right, urgent care and bucket.
1:10:35
[SPEAKER_01]: And I need to go to kid.
1:10:37
[SPEAKER_01]: So that's a great point because I think a lot of people are focused on selling, but not the awareness of what their business does.
1:10:45
[SPEAKER_01]: Can you talk a little bit about, can you talk about asset protection?
1:10:50
[SPEAKER_01]: And I've heard this thing that's called like Pearson
1:10:57
[SPEAKER_01]: even if you have separate LLCs, you've got to be careful on or out.
1:11:03
[SPEAKER_01]: They interact with each other because you can pierce the corporate veil and still have one business liable for the other, even though in the area you set it up the right way.
1:11:13
[SPEAKER_02]: So,
1:11:14
[SPEAKER_02]: the phrase I like to use is run it like Walmart.
1:11:17
[SPEAKER_02]: Okay, so you want to run your business like it's Walmart.
1:11:20
[SPEAKER_02]: So if Walmart wouldn't do it, you don't need to do.
1:11:23
[SPEAKER_02]: So the piss and the corporate bail means, hey, you were not running your business like a real business.
1:11:29
[SPEAKER_02]: So we're now all you and all the ways you and your LLC, we're going to act like your LLC doesn't exist.
1:11:35
[SPEAKER_02]: And we're coming after you and everything that you own and the business, all there is no separation.
1:11:41
[SPEAKER_02]: So number one, things like being under-insured, if you're in an industry like trucking and the industry says you've got to have a million dollars of insurance and I say, oh, I'm on a billion, I'm going to get a half million dollars.
1:11:53
[SPEAKER_02]: If you were to get sued and they feel like, and they say, oh, you're under-insured, they're going to pierce the corporate bill, meaning your LLC doesn't exist.
1:12:00
[SPEAKER_02]: I can now come get everything.
1:12:02
[SPEAKER_02]: not having an active LLC.
1:12:04
[SPEAKER_02]: So most days of a car you develop, some kind of report with the state to keep your LLC active.
1:12:09
[SPEAKER_02]: So in Georgia, I got a report you got to fill out.
1:12:11
[SPEAKER_02]: If you don't fill out that report, your state makes your LLC in active, which means you've formed one, but it's in active, so you don't have one.
1:12:19
[SPEAKER_02]: So you're good.
1:12:20
[SPEAKER_02]: If you were to get sued with your LLC's in active, they're coming after your house, your car, everything you own.
1:12:26
[SPEAKER_02]: co-mingling personal in business expenses.
1:12:30
[SPEAKER_02]: You have business money coming into your personal cash app.
1:12:33
[SPEAKER_02]: You're taking your business card and paying your mortgage.
1:12:37
[SPEAKER_02]: You cannot combine the two.
1:12:40
[SPEAKER_02]: Once you start combining things, there's no longer a separation.
1:12:44
[SPEAKER_02]: They're going to come take everything.
1:12:47
[SPEAKER_02]: not having any proper agreements, so if you have an LLC, you got to have an operating agreement, you have a corporation, you got to have bylaws.
1:12:54
[SPEAKER_02]: If you don't have these things, they're going to pierce the corporate veil.
1:12:58
[SPEAKER_02]: So a lot of times we think once we form our LLC, we got our holding company, we got our, we got all these things, but we're not running it like it's Walmart.
1:13:08
[SPEAKER_02]: And then we get soon, we realize we don't have the protection that we thought we have because we weren't running things correctly.
1:13:15
[SPEAKER_01]: Wow.
1:13:15
[SPEAKER_01]: Wow.
1:13:16
[SPEAKER_01]: Is there like a, um, um, is there like a, a time limit, let's just say, let's just say, you know, you just gave us this information now.
1:13:24
[SPEAKER_01]: And I'm like, man, I've been doing all this stuff.
1:13:27
[SPEAKER_01]: How far back can they go or, or, or is it time, do I need to set up a new LLC the right way?
1:13:33
[SPEAKER_02]: I would say for most people just from now on, just start running it correctly, depending on what you have going on, you may want to start over.
1:13:44
[SPEAKER_02]: So let's just say, you and a vendor aren't agreeing.
1:13:48
[SPEAKER_02]: And we're going back and forth with this pricing.
1:13:50
[SPEAKER_02]: And you know, I ain't about to pay it, and they ain't about,
1:13:53
[SPEAKER_02]: to a litigation like something may be coming like coming down the pipeline, you may want to start getting your things in order.
1:14:00
[SPEAKER_02]: So it all depends on what you have going on.
1:14:02
[SPEAKER_02]: Now I miss one mistake signing contracts in your name.
1:14:07
[SPEAKER_02]: So you never want to sign a contract ascash if that was your nickname.
1:14:12
[SPEAKER_02]: You want it to be ascash the CEO of ascash enterprises ascash the LLC member of
1:14:19
[SPEAKER_02]: it's always as of some your as basically you're signing on behalf of the business.
1:14:25
[SPEAKER_02]: If you were to sign a least, just ask cash, you're saying, ask cash is now person responsible for this, person responsible are liable for this debt and that defeats the purpose of forming your LLC to separate you from the business.
1:14:39
[SPEAKER_00]: Yeah.
1:14:39
[SPEAKER_00]: All right.
1:14:39
[SPEAKER_00]: So people want to connect with you, you want to, you know, get your, you know, be by your community, get your courses,
1:14:48
[SPEAKER_02]: You can go to see what the bank.com, you can follow me on Instagram, a join-hunt, underscore ESQ.
1:14:55
[SPEAKER_02]: I am the girl people to change your life.
1:14:58
[SPEAKER_02]: There is nothing that you can't do.
1:15:01
[SPEAKER_02]: You are you in baggage with superpower.
1:15:03
[SPEAKER_02]: I'm just gonna show you how fabulous you are and get you to the second.
1:15:08
[SPEAKER_01]: All right, y'all, look, y'all got to tap in.
1:15:10
[SPEAKER_01]: This is one of, there was so many gyms in this episode that you're gonna have to rewind there.
1:15:15
[SPEAKER_01]: You're gonna have to share it with your friends and family.
1:15:17
[SPEAKER_01]: You don't have to do a date night until you look.
1:15:20
[SPEAKER_01]: This is one of them ones.
1:15:21
[SPEAKER_01]: Make sure you tell a friend to tell a friend.
1:15:24
[SPEAKER_01]: We are closing out the vault, another awesome episode of Inside the Vault with Ashcast with greatest money mindset show, one of the planet, make sure you follow us on all social media platforms at Inside the Vault, uh, me, I am Ashcast, make sure you visit me, I am Ashcast.com, follow me on all social media platforms at I am Ashcast, make sure you join the abundance community at theabutterscommunity.com and I'll see you next time.