Mutual Fund Explained – What is a Mutual Fund and How Does it Work? (GoodFinancialCents.com)

This is Jeff Rose, goodfinancialcents.com.
Welcome to my kitchen. Today I am going to
explain to you what a mutual fund is and why
it is important you know how it works. Somehow
I am going to tie that in with a favorite
recipe of mine, which is a steak chili recipe,
now a Christmas Eve tradition with the Rose
family.
First, what is a mutual fund and why is it
important to you. If you have a 401K, if you
have a 403B, if you are starting any type
of investment account now days, I can pretty
much assure you that you are going to have
some sort of mutual fund in your portfolio.
I am amazed when I run into so many different
people that are familiar with the term mutual
fund but they really don’t know exactly
how it works. Most likely Social Security
is not going to be there for you so you need
to know what a mutual fund is because if you
have a 401k that is what you are putting your
money into.
Let’s explain what a mutual fund is and tie
that into my steak chili recipe. Let’s take
a look. Okay, here I am with all my ingredients
laid out for the steak chili recipe and I
know at this point in time you are wondering
how this relates to what a mutual fund is.
Let me break it down for you. Today I’m acting
as the top chef and I am going to put together
the best tasting steak chili recipe ever.
As the chef I have to make sure that I am
choosing the right ingredients and the right
proportions to make sure that this chili tastes
awesome where my family absolutely loves it.
If I come across an ingredient that is either
rotten or just doesn’t make sense with the
instructions that I have then I need to make
adjustments accordingly.
If you apply the chef concept with a mutual
fund manager or a money manager, that is the
capacity they work in. They are the chef where
their ingredients, instead of having the beans,
steak, hamburger, and the tomato sauce, their
ingredients are the stocks and bonds and all
the other types of investments that go in
these mutual funds. As a chef or as that money
manager, they are going to be looking at all
their ingredients on an everyday basis and
they are going to make changes accordingly.
That is why it is so important to understand
how this works.
Think of all the times you go out to eat where
you rely on that chef to make the best tasting
dish possible and just how easy that is. You
don’t have to worry about the ingredients.
You don’t have to worry about preparation.
You don’t have to worry about cooking. You
just sit down and eat. That is the equivalent
relationship that you have with a mutual fund
manager. You don’t have to worry about the
ingredients. That’s what they do. They buy
the stocks. They buy the bonds. They sell
the stocks and bonds and try to make you the
most money possible. If you have any more
questions, you know where to find me. This
is Jeff Rose, goodfinancialcents.com. We’ll
see you soon.
The opinions voiced in this material are for
general information only and are not intended
to provide specific advice or recommendations
for any individual. To determine which investment(s)
may be appropriate for you, consult your financial
advisor prior to investing.

There’s No Such Issue As Social Media

hmm all people’s Gary Vaynerchuk have not achieved a garyvaynerchuk.com video shortly initially wholesome and joyful Holidays to all you and your loved ones and the funding right here at vaynermedia and eventually I will drop the bomb that must be dropped and I am the type of man to do it as soon as and for all let’s discuss concerning the elephant room which is that this that is gonna harm there isn’t any such factor as social media they may flip that off its approach by that I am gonna say it once more there is no such thing as a such factor as social media I need to carry this the dialogue and put out within the forefront social media is the time period that we’re utilizing to explain the present state of the Web once I hear social media I hear like late teen years of a human being go google proper now you in quotes YouTube internet 2.zero website you may see hundreds of thousands of articles written about YouTube as an online 2.zero website then go search YouTube as YouTube social media website and you will note hundreds of thousands of articles written about YouTube as a social media website nothing change what modifications we wanted a verb an adjective and descriptor for the present state of the Web so if you hear anyone speaking about what is the ROI of the of social media that is mainly like asking what is the ROI of the Web if you hear anyone saying properly I do not imagine in social media that is anyone saying I do not imagine within the Web there is no such thing as a such factor as social media so that you imply it’s a time period to assist us describe the websites and I will proceed to make use of it as a result of it permits folks to type of eat it however it’s a phrase that’s used to explain the present websites Pinterest and Tumblr and all these content material sharing websites now what are we gonna name it like content material 2.zero I imply there’s going to be one other phrase perhaps cellular and sooner or later it is gonna be augmented or fantasy or gaming dynamic 3.zero there’s all the time gonna be a phrase to explain the present state of the web there isn’t any such factor as social media it is only a phrase to explain the Web and in the event you guess towards the Web in 2012 you are gonna lose

Decanting Wine | Tim Ferriss

all right today we’re going to talk about wine wine can be very snobby can get very highbrow it doesn’t have to specifically we’re going to talk about a rating line so here we have a bottle of wine and here we have a decanter now the Romans pioneered glass use of decanters and there were a few purposes the first was you would take let’s say an old bottle or an unfiltered bottle of wine pour it right in here and that would ideally leave the sediment in this bottle so then you could get clean wine from this the other reason people now still use decanters is to expose the wine to air to let it breathe and there’s a lot of other fancy terms but many people find that it softens the tannins that’s that so that mouthfeel that sometimes gives you a over brewed tea type of taste or effect sensation some people find it softens it so with a Bordeaux for example Cabernet Sauvignon some of these big wines with lots of tannins and sometimes sulfites this is what people will do the objective of course is to expose it to more air so the surface area is increased turns out there are a few different ways to do this if you decant wine like this you might want to leave it out for an hour two hours three hours well there are a few other options that we have the first is this venturi device and this capitalizes on Bernoulli’s principle that just means that as you increase in effect the velocity of liquid the movement of liquid you decrease the pressure and you’re able to actually infuse more air and this is what it looks like so you would actually do it right over a glass and being careful not to pour it everywhere you can hear it being siphoned through and increasing the flow so this is a faster way it’s a cheat versus the larger decanter you can do this over each glass so I’ll just take a sniff and you can get fancy this is also one of the methods obviously by swirling that you can also achieve aerating but on a very minimal level any excuse to have wine quite nice but if we want to take this to its logical extreme we can do what Nathan Myhrvold recommence and now Nathan was the former CTO or is the former CTO of Microsoft and he’s a bit obsessive with food a master French chef himself he has taken a slightly more extreme approach so here we have and I love these this is a Boehm X beaker and it can be used for many many different purposes we’re going to pour a bunch of wine in here I would suggest starting off with about that much and we are going to expose it to as much air as possible using an immersion blender this is also known as a stick blender this is a Cuisinart Smart stick do not stick your fingers into it but we will see that you stick it in not all the way you’re not going to touch the bottom entirely and you will do this for 20 to 30 seconds you can see it’s quite frothy here more like Guinness than a typical glass of wine you can even hear it and I like to use the Boehm X to drink out of this is actually 250 milliliters which is exactly 1/3 a standard bottle of wine so we can transfer this over markedly different so there you have it that is three hours of decanting achieved in 20 seconds with an immersion blender Thank You mr. verbal

Gary Vaynerchuk – Keynote Speech at Inc 500 Seminar 2011

good afternoon um I’m really excited to be here I know it’s been a long day so I appreciate you guys hanging out and and I hope we can have a good time together so let’s start with this just to give me context to know where I want to take this talk how many people in this room have no idea who I am or my schpeel raise your hand that fucking hurts Jesus that’s a bad way to start a talk I kind of figured actually so well do is give you a little bit of context of where I come from so the things that I’m going to talk about might make a lot of sense I was born in a in Belarus in the former Soviet Union and my family immigrated to the United States in 1978 when I was three years old we are we lived in a small studio apartment in Queens New York with nine family members one-eighth of the size of this stage and it was really quite difficult and it was hardcore right it was super immigrant you know you know it was my sister’s baby seat was a car seat found in the garbage it was kind of raw my dad got a job as a stock boy in in New Jersey and was commuting from Queens to Jersey and eventually worked really hard and became the assistant manager then manager of that store and eventually we moved to Edison New Jersey Edison New Jersey is where I started my entrepreneurial career in Edison I basically put all my friends to work so when I was six I had eight lemonade stands in Edison New Jersey a franchise you guys remember big wheels that little like thing big wheels I used to ride my big wheels in Edison New Jersey and pick up my cash like I was Tony Soprano it was pretty interesting by the way on that note it’s amazing what you learn at such a young age if you’re entrepreneurial there was a kid that you to come just for the summers I didn’t know what divorce was or things of that nature back then so I never understood it his name was Eric Conrad he used to come just for the summers and he was the only friend of mine that actually made signs and tried to sell stuff as well so he always sold much more lemonade than all my other friends however I would always count how many cups I gave everybody and he was actually stealing he was actually taking a dollar to each day but because his revenue was so much higher I would let him go so it was pretty fascinating you can learn a lot when I was 11 I started my baseball card business so I was doing baseball card shows in the malls of New Jersey uh and did quite well I was making two to three thousand dollars a weekend selling baseball cards and I was phenomenal I don’t know about you guys but when you have thirty thousand dollars in cash under your bed and you’re 13 and you’re not selling weed you’re doing a good job so that was good and everything was rockin it was going to be awesome I was going to be the biggest baseball card dealer of all time everything was great and then I turned 14 and my dad ruined my life see I was getting ready for one of the biggest shows in New Jersey and getting my cards together my dad walks and he goes you’re coming to the store I go dad I think you’re you’re misunderstanding I have a show today I’m not quite sure how many of you have a Soviet dad but I lost that argument so I began to cry I basically cried the whole 40 minutes that we commuted because we lived 40 minutes from the store down the hall down Route 78 in Jersey the whole way crying the whole way finally about two minutes before we get there I compose myself and I go dad how much are you gonna pay me and he said two bucks an hour and then I really started crying and it was terrible for the next year and a half every weekend of my life every single Thanksgiving vacation every single day of summer vacation every weekend I was in my dad’s basement of the liquor store bagging ice for 10 hours a day for 2 bucks an hour how many people in this room have seen the movie The Goonies raise your hand I was sloth that guy chained to the basement that was me I hated it and it was terrible then I turned 16 and was allowed upstairs and my life changed I was on the floor one day and every person came in asking for Camus special select 1990 it was wine spectators wine of the Year everybody and I was seeing all these customers come in ask for the wine and then leave and I was like this sucks any good punk kid entrepreneur is not going to let that happen so the next person that comes in I’m gonna take a back order now we didn’t have a back order system but I wasn’t scared because I was going to school on Monday anyway so so the next person comes in he goes you know I will take some Camus I’m like great I’m like we’re sold out but I can take it back order using his name his address I go how much would you like he said well I’ll take six cases and I was a GU an alcoholic and I was like are you having a party and he goes no no no I collect wine and I was it literally you know how you have these moments you probably think about your own businesses when like something changed or you thought of it you can like literally taste it I think I can literal I can you zoom in like the goosebumps are here like I can literally feel where I was in my dad’s old store in the Chardonnay section when that moment happened because I literally sat there at this point I wanted to help my family I felt like I could bring something to table I was pretty ridiculous at 16 things you know I knew what I could do I felt confident so I remember sitting there and saying silver oak Camus Opus one Chateau Lafite Frank Thomas Ken Griffey junior Wayne Gretzky saying shit I can do this so literally literally literally for the rest of my life up until very recently I put every ounce of my soul into becoming the greatest wine expert I could and building a huge wine business I literally sat in science class that junior year reading The Wine Spectator I didn’t give a fuck about Saturn you know I was so all in and that’s what I focused on now I did not grow up techy the most teched-out that I was at 18 years old was that there’s nobody in this room that can beat me an NHL 94 for Sega Genesis I literally didn’t even have a computer until I was somewhere around 20 years old okay I was not teched-out I didn’t grow up with it but what I’m obsessed with what I’m about to talk to you about for the rest of this evening is culture shifts what people actually do and how it affects it I’m about to talk to you about social media but I’m not a social media guy that’s like oh let’s all be kumbaya and rock climb and we’re gonna drink tea and everybody’s so happy I don’t care why I like social media ready headline ready here’s why I like social media because it sells shit so I was hanging out with some nerd friends in college and they’re like check this out there’s this thing the Internet and we could talk to chicks on this and so that we heard the whole cool couch nothing right and they went on and like look we’re talking to chicks and literally within the first 20 seconds I’m like I can sell stuff on this and so I understood that this was going to be a platform that mattered and 1996-1997 I started plotting the a change for my family business my dad’s store was called shoppers discount liquors I wanted to build the brand so I launched winelibrary.com in 1997 in 1998 I took over daily operations and I grew that business from a three to a sixty million dollar business in a seven-year period now I did that fairly traditionally I did that through email and banner ads which is traditional to me by the way you know I did it through print and radio and it was great I was very fortunate because I sat next to my lead developer in our office and he was very tactile so name was Eric Kastner if you’re on twitter at Kastner ka st ner hit him up tell him give him some love anyway he was showing me a different web there was oath for it was a three oh four oh five and I was like what is this stuff what’s this Friendster what’s this MySpace we were on YouTube extremely early I’m like this is changing see what I know is this marketing for last 150 years has been push every person in this room a decade ago had to do all push marketing to sit in your seat whether it was radio or print email services banner ads outdoor media Direct Mail TV push for the last 150 years if you wanted to be good in business and marketing such a component of that you basically had to be a quarterback you threw the ball and whoever told their story best in the right platform 100 years ago people stood around a box the radio they’re like all right they liked it then they watch TV but it was always push even when the internet itself came it was push banner ads and email services are push we’re living through the first time ever when it’s pull first time in the first time in our history customers actually have some assemblance of voice and reaction and the culture ships were living through our substantial culture ships all of you got a long day you’re about to go eat dinner and drink some wine and do some stuff and whatever I really need you guys to do me a favor please don’t bullshit me lying is the devil I need you to raise your hand high when I ask this question I have no interest in your bullshit head nod or your half-ass hand I need your full hand can you promise me that okay how many people here three to five years ago probably may be more likely to whether you said it in public or to yourself said the following thing I’m not getting a facebook account for kids why would I ever need one don’t fucking lie raise your hands it’s a substantial number thank you very much put him down how many of you right now have a Facebook account raise your hands guys what just happened is the reason that I am going to buy the New York Jets one day my skill set and my belief is that I got lucky DNA wise to understand what people say they’re not going to do but are going to do three years ago at South by Southwest Dennis Crowley showed me Foursquare raised like check this out everybody’s talking about it it’s one of the first hundred so users hanging out talking about it somebody asked me Gary you’re gonna use Foursquare I said no I don’t use anything I just use it for business but I think people will use it you guys know that’s so stupid why would I check into Foursquare when I can just tweet I’m somewhere this is not going to work I said Billy said Billy let me ask you a question tonight when we go to a bar if you check in and that bar then gives you a free shot of Jack Daniels what are you gonna do he said I’m gonna fucking check it and I said exactly we like to draw lines in the sand 90% of this audience just now which oh by the way and you might even want to clap it up for yourselves you guys are pretty badass so clap yourselves up it’ll be fun but you guys are so fucking smart and 90% of you said I’m not going to do this and now you did it and that to me is fascinating let’s go really wrong who wants to go wrong how many people here 10 years ago said they would never get a cell phone because why would they want anybody to contact them anytime they want don’t lie it’s gonna hurt you’re not gonna want to raise your hand but raise it thank you for the honest 40 of you how many of you do not have a cell phone of those people raise your hand zero this is happening every day and marketing is being shifted eyeballs are shifting the way we build our businesses are shifting yet we continue to do things like it’s 2007 six four two one I’m not mad at the way we market our businesses in traditional ways I’m really not but we have to understand is that it’s shifting let’s talk about outdoor media for one second how many people here do outdoor media just for context raise your hand you guys are smart fucking Bunch all right that being said I do if you live in New Jersey you might have driven the Turnpike and seen a huge billboard of me with a glass of wine I like outdoor media makes you seem grand but when I see companies spending money on outdoor media I have a problem and here’s what it is do me a favor if you remember one thing from this talk when your next home the next time you’re home whether that’s today or you fly back and you drive home the next time you drive please look at the five people at least five people driving next to you while you’re driving just take a good hard look at five people I’m going to tell you right now three of them are texting Oprah’s right this shit is dangerous three of them so let me just say for the record for all the people at home running businesses people are not looking at billboards and outdoor media they’re not even looking at the fucking road how many people here can’t wait to run it and get their direct mail who’s up for that Direct Mail who’s pumped I love it when I’m like in these meetings that people like we’re still doing direct mail we’re a little bit more of a conservative company Gary I get it do you look at the REC mail fuck no asshole how many people here have a TiVo or DVR raise your hands how many people here TiVo or DVR the majority of the shows they watch on television how many people here of those people in 2011 have fast-forwarded every single commercial for the year raise your hands hold them up you know what fuck it stand up please do me a favor please I know you’re tired but this would mean so much to me please stand up if you fast forward in every single commercial in 2011 looking kidding me and prices are up 18 percent for commercials people aren’t watching them thank you guys so much that meant a lot and exercise is good you know little blood flow how many people watch television with at least one screen in front of them laptop phone or iPad raise your hand how many people watch television with two screens phone and iPad how many people in this room watch television with three phone iPad and laptop raise your hands alright the 60 of you are sick of shit yet yet every piece of creative on television right now commercial does not extend the story does not push the content online you don’t watch a commercial where it tells you to go to Facebook hit the light button and see the rest and claim your prize Reebok hockey did a good job I don’t know if anybody saw this look it up Sidney Crosby was playing his teammate it was 2:5 they got the three and it says you want to see how it finished go to Facebook I click over and in 20 minutes 20 minutes they picked up 62,000 pounds because people watch and they’re sitting right there ready to be activated the business world my friends in 2011 is acting like 2007 and that is where it is our opportunity now what is the Thank You economy why did I call thank you guys thank you means you’re welcome and what can I do for you and how can I help you this will probably be the most retweeted quote of my entire talk I believe that most people in this room and business think about content how many of you in here have heard content is king raise your hand everybody talks about content contents so important your product itself content commercials the way you advertise your landing pages the UI the UX all that stuff content is massively important and your products not good you lose my wine show that made me famous on the internet I had to know what I was talking about 15 years that I spent learning wine leading up to my first show is what made it work however the real secret sauce and to why I have 900 thousand followers and things of that nature is the word that is the single most important word to every single company in this room period the word the word for the next decade context we are living in a context war right now when I think about content how good your product is how creative your advertising is how well you’re converting your SEO or pay for click to conversion and landing pages all that shit when I think about that I think about the quote that matters the most right now which is when Eric Schmidt six months ago said the amount of content that we are producing as human beings in this world right now from the beginning of mankind like when we fought dinosaurs and shit the beginning until 2003 remember 2003 was like six seconds ago from the beginning every radio every piece of print every TV show every billboard every song I’m not just talking the US Russia China global every piece of content that we as human beings have created from the beginning of mankind until 2003 is now being replicated in volume every 48 hours no wonder our kids Radd how is your content going to break through in a world where there’s that much of it we all know that everything is so fragmented the watercooler about television I was impossible there’s 73 thousand shows and video blogs and everything we’re living a more fragmented world so do you have the audacity to think that your content is going to break through and this is where social comes in because we know about global and we sure know that companies like Google and other companies are battling on a local level right Google doesn’t vizag at just for their name if they don’t think local is really important over the next five years however it is my firm belief that the battle of marketing going forward which means business is going to be individual I believe that we are in the dawn of one-on-one marketing and in that one-on-one marketing world the stakes are going to be very high for all of us because something very ironic is happening as we all go Jetsons the action isn’t being like The Flintstones it is my firm belief that every single person’s grandparents are more prepared to be successful in the next decade than you guys because the way business was built in the old days was built on small town rules and what the internet is doing it oh by the way let’s talk about the Internet this isn’t about social media I don’t give a rat’s ass about Facebook or Twitter or Google+ these are tools this is just the maturity of the internet itself how many people here in this room not remember the world don’t remember it pre-internet just cannot do not remember 1993 raise your hand sir you do not remember 1993 how old are you how much 36 it’s only like 18 years why don’t you drink too much in college and you were 18 I didn’t mean figuratively I mean the far majority 99% of us remember the world pre-internet this is all happened very quickly all the stuff that’s relevant and that we talked about didn’t even exist a decade ago when I hear people debate what’s the ROI of social media right like is it worth it like what’s the value like I’m not converting it just makes me remember why I’m gonna play over here it makes me remember why so many businesses fail the problem is most businesses are not playing the marathon they’re playing the Sprint right they’re not worried about lifetime value and retention they’re worried about short-term goals social is not going to excite anybody in this room for what it’s going to do to your bottom line in a six month or twelve month period it just can’t happen see social media marketing is like going beyond say on your customers you’ve got to put a fucking ring on it meanwhile 99% of the people here and I looked at some Twitter and Facebook accounts and some of the peeps in this room ninety percent of you more but I’m trying to be nice are treating social media like a one-night stand most companies are failing and social because everybody in social is acting like a 19 year old dude they’re trying to close on the first transaction it’s going right the stakes are so ridiculously high the first talk I ever gave was about e-commerce in 1995 1996 guy came out with a PowerPoint and gave so much data on why people would never put their credit card into a computer you would have left so convinced you just couldn’t even conceive of launching a dot-com there’s no way there was a conservative audience and then he was pretty gangster actually respected his bravado he goes and this kid’s going to come out next and tell you that you’re going to buy wine on the internet and everybody’s like ha ha ha ha so I come out and my opening line is first of all respect your gangster style so thank you but number two the only thing I wish is that this was being recorded because in 10 to 15 years mr. PowerPoint you’re gonna be fuckin wrong so that was my opening line by the way he was and we know that what I am shocked at right now is that people that are building real businesses who’ve seen this happen before every debate of the ROI of social right now is the same conversation we had about e-commerce people don’t want to bet on the culture shift because it’s not happening in the next 20 minutes it’s hard people don’t want to do that however I promise you the companies in this room that don’t bet on it don’t go all-in because the big problem is most people in this room are half pregnant you’re half in you kind of want to be in but then you don’t see the quick results and you hedge you don’t understand what’s really happening because for the first time ever it’s not push for the first time ever marketing isn’t what I’m doing right now giving a presentation and hoping it converts for the first time ever it’s a cocktail party everybody’s in play totally different skill set of giving a good presentation up here and then working the room like a cocktail party totally different I dominate both but some don’t let me give you an example that Thank You economy we’ve created a thank you department at winelibrary.com my business it’s not going to christen the head of the thank you department which oh by the way is not customer service the Thank You Department is playing offense customer service on social media is playing defense so we’re playing a little offense customer comes in and call Kristen go listen the books about to come out I need some examples for this crowd something that’s relevant something that’s real intangible not me just going up there and saying here do it customer places an order from Chicago and we find who he is on Twitter and we follow him in the month of January and here’s what we saw Jay Cutler I love you Superbowl runs through Chicago bitch Packers who suck and Rodgers are dead yeah we won today next stop Super Bowl today’s the big game oh shit Jay Cutler’s hurt we’re in trouble crap we lost but I still love you Jay Cutler okay we took that data so the data I have in a normal 1995 world was he likes Barolo and Brunello the information I have today is what hits him in the emotional center what he’s willing to put out to the world and what paints a picture about who he is so I called Kristen after she sent me this day and I said Kristen here’s what I want you to do I want you to go to ebay and I want you to buy a Jay Cutler signed Jersey and send it to him with a note saying thank you for your first order with winelibrary.com that was it and that was kind of the talk I was giving for the first part of the book to tell people about some of the things were looking at that consumers are putting out more data than ever and we can really leverage that data to give one-on-one marketing to win their wallet because it’s all about lifetime value not about the spend you get right now but over the last couple weeks that story’s changed on stage because some good happen he finally emailed back and he said hey you know first of all I get Kristen thank you so much you know I’m a hedge fund guy in Chicago I’m very be busy I got the Jersey I love it it’s framed in my office I didn’t have time to write you back amazing how did you know but I just want you to know that I’ve spent hundreds of thousands of dollars with Sam’s in Chicago which is a great store in Chicago you should shop there great store I’ve spent hundreds of thousands of dollars there but they’ve never done anything for me when I walk in the store they don’t even know who I am this gesture means a lot to me and count yourself as somebody that I want to do business with the rest of my life now that’s fine and dandy that’s big play one on one how do you scale it right is something that’s going to be brought up in the seats right now we do other things we started doing something else we call every single customer that places in order now and thank them and that’s it Jersey is one of the few states where you can actually record the conversation of a phone call for pretty interesting reasons I’m sure so I’ve been able to actually listen to some of these things here’s how it goes hello Susan this is Lily from winelibrary.com I just wanted to call you and thank you for your order hope you have a great day uh-huh that’s it have a great day bye about 7% of the people were calling right now or calling back apologizing for being rude because they thought there was going to be another huge dropping on the phone call that’s where we got people got real cynical we’re always in sales mode see it’s super funny people are marketing right now the way people plan weddings it’s really funny to me watching wedding planning I bus done a lot of my wife’s friends about this I truly believe in my heart that most people put way more time and effort and oomph into planning their running than putting energy into their actual marriage and I truly believe that that is the analogy of how people are treating their business and marketing tactics I firmly firmly believe that and I really think about that every day I believe that we’re living through such an unbelievable time let me paint you a picture of 2017 how many of you are real nerdy who knows what NFC technology is raise your hand small mouth NFC it’s a chip and a phone near-field communication here it’s gonna happen in 2016-17 ready I’m gonna walk into Walgreens and I’m gonna take out my phone because that’s what we all do all the fucking time I’m just gonna be looking at it while I’m looking for some chips and shit and then I’m going to see on my newsfeed whether it’s Facebook or Twitter or tumblr or something else I really don’t care please don’t care about that part and I’m gonna see that Johnny says that chocolate-covered pretzels from Weis are delicious because oh by the way I don’t know if you know this we are social creatures we are sharing things on these platforms that none of us would have ever picked up the phone and called a friend about nobody ten years ago was going to call pick up the phone and call their friends say Pinkberry watermelon is yummers nobody does that but now all of you do that all the time we’re extroverts even if we’re introverted the reason the fashion industry is a good trillion dollar industry is because inherently as animals we want to express ourselves it’s how we roll period that is the same dynamic and play and social we want to do it I know when you first saw Twitter you thought it was a dumbest shit ever you said to yourself who gives a fuck if I’m eating a pizza right I know what you thought the problem is you didn’t realize that this social media game it isn’t about talking all of you need to wire your mouth shut and start using your big fucking ears because that is the game in play so what’s going to happen is Johnny’s going to say chocolate covered pretzels or yummers and I’m going to be like okay and because wise potato chip company is in play and has an incentive anytime their brand is mentioned I’ll see a little icon I’ll click and because they’re going to know that I’m in Walgreens it’s going to say buy wise potato chips chocolate-covered pretzels right now and get 50 cents off and you know what I’m going to do I’m going to buy those fucking pretzels and you know what that is ROI and when you start looking at status updates or pushes in a social environment that is not done by your companies but it’s done by word of mouth of the ecosystem and you can see that this one comment led to seventy four thousand dollars in transactions whether you have a store or a website or whatever it is that’s when people are going to start paying attention because what every person knows in this room how many people here have gotten some form of business because of word-of-mouth raise your hand all of you period word-of-mouth is the currency and now we have infrastructure for word-of-mouth to be on steroids word of mouth is hanging out with Barry fucking Bonds it carries dramatically further than it ever did before when I used to do my surprise and delights back in the day it didn’t carry the weight it does today when I had a lady call me from Bergen County complaining because FedEx threw her package in the bushes and she couldn’t get it because she was 647 years old and on three days before Christmas I took a case of behringer white sin and threw it in my car and drove it up there and gave it to her during peak hours I wasn’t gonna get pressed for that 60 minutes wasn’t following me but today our actions and our engagements are being spread they just are and every day our consumer base no matter who you’re reaching is getting more and more into that ecosystem and sure you see things like what Facebook did this week to push those envelopes and they might go too far and it comes back and it flows but the cats out of the bag because the fundamental fact of the matter is is even though it’s going through your mind right now nobody gives a fuck about privacy I know some of you think I’m a dickhead right now but I’m telling you I’m not I’ll tell you why because the cause of privacy the pain point of privacy is money right and health see the news and traditional media have told us that were bad the most underrated brand in the world my friends is us brand human being is the number one underrated thing the problem is we always watch the news and they tell us how bad we are we killed this kid we raped that kid we stole this car you only hear the bad but if you look at the data in the world we’re living in now where people know where you are all the time it is stunning how little bad stuff is going on it’s shocking by data but we don’t want to talk about that and so we focus on things that nobody cares about remember Foursquare and everybody said well now people are going to rob your home when you check into places well when you left a status update on Facebook saying you’re on they could have done it – nothing changed it’s just the same argument being recycled all the time we’re living in one business all of us one we are in the eyeballs and ears business no matter what you do and how you roll b2b or b2c you are in the eyeballs and ears business we are trying to convert we are living through a massive culture shift of where those eyes and ears go we just do and what I’m fascinated by is what happens when you start creating context how many people here knew of me before I gave this talk and looking at the crowd a lot of you I know as well I know Rizzo right over here right I have different context towards him I feel differently when I was out here talking I was like shit his beards getting heavier like you know I’ve context I have an emotional relationship a bunch of you now we’re going to come to the table at the book signing and we’re gonna create more context I am fascinated by what you’re willing to do for your mother that you’re not willing to do for your brother and that for your brother what you’re not willing to do for your best friend and for your best friend when you’re not willing to do for an acquaintance and for your Queens when you’re not willing to do for a co-worker and for your coworker what you’re not willing to do to a kind of stranger and for that kind of stranger what you’re willing to do that you’re not willing to do to a perfect stranger like balki bartokomous my ram anyway that is the game I believe that companies have the opportunity to take themselves from a nonhuman element to a human element I believe and this is about to get real weird so stick with me for a half a sec I believe that we’re living through the beginning of the humanization of logos that we are going to have relationship with logos I equate it very similar to what’s happened with a pet dog if you look at the data of the pet dog in the 1950s spot spent most of his time outside now spots inside but I think as many of you know spots pretty aggressive he actually doesn’t only live inside he lives in your bedroom and I don’t know about this but you may know spot actually wears better clothes than you do anywhere’s better clothes and he eats better than you do because he eats gourmet every single night you don’t leave your kids into your bedroom and spot sleeps on your bed that is what has happened with the data we have humanized spot once we’re done humanizing our circle we humanize our pet and if you start looking lipton brisk ice-t is one of our clients during the NBA Draft this year we had one of the highest engagements around the NBA Draft with Lipton brisk because people were asking hey @ Lipton risk what do you think about that pick in the second round truely treating our logo like their boy truly humanizing why because when we engage on Facebook and Twitter and these platforms we’re not just using it as a press release so many of the companies in here when I was doing my little search are using their Facebook pages as another newsletter how many people here have done email marketing in their career raise your hand a lot how many of you have done it for more than seven years raise your hand just curious okay so the 30 of you will know exactly what I’m talking about open rates on email are nowhere close to what they used to be 10 years ago do you guys remember how much this country loved email 15 years ago they made a movie called you’ve got mail we loved it you were so it was like Christmas back in the day when you heard you got mail you’re like yes you punked how many people here love email now if you look at email open rates over the last since mid 2000 last two years they’re down 20% globally down the whole Groupon and LivingSocial phenomenon that deal of a gilt groupe Kevin was speaking here today about operations that whole crew those guys mastered the email game and conversion but remember how you felt two years ago when you first found out about one of these sites you couldn’t wait couldn’t wait to buy $40 worth of sushi for 20 bucks you were so pumped to get a bikini wax for Half Price you were pumped now the email open rates are so down you don’t give a shit if Groupons offering you a million dollar home for 300 bucks you’re deleting that shit of spam because here’s the big point everything I believe about the new social web everything I wrote about in my book will be ruined in five years seriously everything I truly believe in from a marketing standpoint will be ruined five years from today because there’s a funny little secret marketers ruin everything everything I believe that’s coming from the right place is going to become a tactic and people going to be doing these things over and over it’s going to be the free shipping rule free shipping winelibrary.com 1998 first time we ever did it we sold so much wine that weekend I was in a store till 5:00 in the morning and then coming back in at 7:00 for three days in a row just to catch up with all the orders we sold so much that wine that weekend it’s like people thought their Cure was inside of all those wine bottles one guy places an order and this notes says thank you so much for doing this perfect for me my daughter I’m going to buy this for my daughter’s wedding me living in the Thank You economy back then and not knowing what it was decide to call him and thank him Jim thank you so much where is the wedding I’d like to send a nice bottle of champagne to celebrate the wedding he goes oh no no no Gary my daughter is 12 years old I said what because my daughter is 12 years old he goes but this is such a sick deal I’m gonna put this wine in the basement and we’ll save it for her wedding now every single person in this room 13 years later doesn’t buy anything online unless it has free shipping we’re all primed out and everything else this is going to become a tactic we have a 36 to 60 month window to create context we know what happens when we touch our consumers our Twitter customers at Wine Library calm are outperforming our non Twitter engaged customers by 60% because we created context we answered a wine question they feel more emotional about us and they’re buying from us that is how it used to be in the small town rules in the 1930s and 40s when you went to your butcher store the second you open that door that man was cutting your roast beef because he knew things about you you lived in a small town room we literally left our laundry outside we left our front doors open we knew a lot about each other we are now replicating that how many people here have connected with somebody on Facebook that they have not talked to prior to that in over 10 years raise your hands almost everybody how about 20 years crazy half 30 40 you don’t even look 40 looking good my man some good show what do you find your friend will like second hello when you were three look good you look at two 436 by the way but your memories shit your social graph is bigger than it ever was Dunbar’s number is fucked it’s going to be bigger and what’s going to happen is those people in your lives who are much more emotionally pointed to your heart than a banner ad or an email newsletter or a piece of mail or a commercial that you never watched by the way or outdoor media is going to convert better word-of-mouth is going to scale your scrap is bigger people are going to recommend products we’re not going to hide anywhere no more worrying about Yelp because the next Yelp is the one that doesn’t let you be anybody but your true self and we’re going to go to real identity when we go then then your social equity is going to drive your business then doing the right thing is going to really matter we live in a crazy world I’m a micro Micro Micro Micro Micro celebrity on the internet and I went to my brother-in-law’s bachelor party in Vegas last October this is my wife’s brother if there was an ever a time you can go to the strip club in Vegas this was it and when the boys were like let’s go I’m like fuck it I don’t want a Twitpic of me in there we are living in a world where there’s no hiding most of my corporate clients two three years ago I started a company called vaynermedia doing community management strategy for big brands PepsiCo and Campbell’s and Green Mountain coffee and GE big boy brands not entrepreneurial stuff big boy brands big girl brands and they always tell me Gary but what about when we have a problem you know what happens when we you know something happens and they all come in the question always is well were you wrong they’re like yeah but I’m like no no if you’re feeding children shit that’s going to make them sick you deserve to lose that’s what’s going to happen the way we all do business is going to change so fundamentally by these culture shifts I’m going to watch a New York Jets game in ten years on my new Apple television not that dorky thing that everybody has to hook up like the television and when Mark Sanchez throws a touchdown pass my remote control which is going to look something like an iPad it’s going to say do you want to buy a Mark Sanchez Jersey and at the height of my excitement I’m going to say yes and the height of your excitement when you’re watching something that looks like Gossip Girl in Sex in the City and you’re gonna be like oh my god Pamela’s shoes are so fucking phenomenal you’re gonna buy two pairs the culture we live in is going to shift constantly guys I don’t know if you’re paying attention SEO is dying in front of our eyes SEO is changing the way we search I’m Google’s in such an interesting place I mean I don’t know about you guys how many people here have recently had something come up and where as in three or four years ago you would have won to Google and search you went to Twitter and searched raise your hand just curious small amount which is interesting to me based on this demo I beg you to try to remember to do this the next time something catches your eye to go to Twitter search instead of Google search and see what your experience is like see how it’s different because real-time search brings enormous context and value and how that ecosystem works is fascinating to me including excuse me including buying ads in real time as a current event is happening what happens during a hurricane when you’ve got extra you know tape or whatever the hell you need for a hurricane you know or during a huge snowstorm when a small company puts out that they have shovels when everybody’s searching to check the news on it and you’re the first ad there this is being replicated everything that helped me build my business with Google is now being replicated in social search and more importantly the algorithm of the news feed today that goes in my face from social is so much more important to me than the SEO of Google and I know because I look at this stuff when you go to Google you have intent to buy more often than social but what happens when that becomes your ecosystem see what’s fascinating to me is this this room is very smart very smart I’m super pumped to be here it by the way I love this whole conference and I love the thought of five hundred and five thousand and I get blown away when I was doing the homework on the way here if this is de la créme because your entrepreneurial this is you know to get in here you’ve got to be growing so you have a big base and looking at how young this space is I’m shocked from oh six to be here I thought that everybody would know but I’m starting to learn it takes time and that’s where the opportunity is it blows my mind that I can sit in a conference like this and say it’s not too late it blows my mind that how many people here for their business whether it’s you or somebody in your business go to twitter.com slash search and search your brand or things around your brand every single day raise your hand that’s like four percent of this room that means there’s a huge opportunity creme de la creme four percent which means nobody else is really doing it right now on your BlackBerry or phone you can search your brand your handle on twitter.com slash search and see what people are saying about you it is 2012 almost my friends I have no idea how you can justify leaving any engagement behind on the social web in a 2011 2012 world none of you would be going out to pizza in your local town sitting next to a couple hearing talking about your business and you would have stayed shut none of you you would have all get conned up and said thank you or how can I help you or couldn’t help but overhear but that’s my company thank you so much none of you yet all of you are leaving that in a scalable way on a daily basis the reason I was able to grow my businesses was not because I was putting out good content it’s because every day after producing 30 minutes of wine television I spent 15 hours a day answering every single person’s email and every single person’s Twitter at reply and created context and relationship with that end user these are the fucking people that buy our shit and you’re worried about all your internal shit and you should because I’m obsessed with operations but I know people have been talking about that all day these are the people that put the cash in your wallet and we are leaving these engagements on the table it blows my mind do you know how fun it is to answer what white wine goes with fish sixty eight thousand times a year it sucks shit but I did it by the way it’s not Pinot Grigio get over that shit content is going to continue to grow the ability to build a business in an online world is so low if you think about the entrepreneurs before us they were so unlucky it costs so much more capital and time to build a business the piping of the Internet and the ecosystem we live in has allowed companies to come out of nowhere very very quickly what that means for all of you is that it’s a race it’s a branding race but most of all it’s a context race to me I start getting fascinated when companies start worrying about acquiring and start worrying about holding on to when companies stop worrying about hunting and start worrying about farming you know ideally right they won right one of our first clients when we first started with them a lot of push look at our shoes look at this we built a community talking about fashion and then conversion went up Kevin Ryan gilt groupe those guys in Groupon and LivingSocial local company here LivingSocial they understood how to map acquiring customers it’s a science they figured it out they haven’t cost they retargeted they put little cookies on you you saw their ad everywhere and they figured out the cost the problem is when you look at a lot of businesses like those and others they’re real challenge is retention retention is the game lifetime value is the game and there’s only one way to do it humans it’s crazy I’m building companies that have a crapload of humans it’s crazy the human being is the value like I said as we go new wave the human being is where it’s at you can’t outsource it you can’t automate real feelings I’ll leave you with this and I want to do a couple questions I was in the room with a very conservative CMO and she was really drilling me she was like but what’s the ROI of social media and I’m giving her my best stuff for example if you want some best stuff go look at what your engagement rate is on your Facebook page you have a certain amount of fans and then you have a post though the number is a point oh one is a point oh two it doesn’t matter how many fans and Twitter followers you have it’s how many of them are going to buy something and give a fuck so she’s drilling mean I’m giving her some really good metrics at least for a 2011 world and she’s pushing and I know why she works in a conservative company and the more conservative she comes across the more likely she’ll be the CEO I get it I’m fine but she’s pushing and pushing and finally I look at her and I go she’s like but Gary what’s the ROI and I’m like today she’s like but what’s the real ROI of social media and I’m doing my normal thing like can you give me the ROI of television and print because I love that you spend a shitload of money on Vogue and you’re buying the subscription but can you guarantee me that somebody’s looking at the ad on page 139 cuz you can’t and I’m giving her everything I’ve got and she’s still punching me directly in the throat so I had to pull it out she goes what’s the ROI of social media what’s the ROI of social media so I look at her and go what’s the ROI of your mother she said excuse me I said oh I said I have no interest in making a mother joke and I’m not making fun of you but let me explain one thing to the ROI of my mother is everything the reason I’m going to buy a multi-billion dollar sports franchise is because of my mother my mother the way she parented me which oh by the way is perfectly is the reason I have the ability the confidence and absolute wherewithal to execute the businesses that I’m building however my friends at Inc 500 I cannot come to you with slides and put him on those screens and say over here click in sixth grade when I got a mullet you know and my mom said I was gorgeous and beautiful and I could do anything well that was building self esteem and so what I did with that it on the next slide is you’ll see here I sold a couple more cases of wine in 1994 because of that self-esteem which led to this and now I can’t show you I can’t show you in data the ROI of my mother but I promise you it’s all of it the whole kit and caboodle socials going to prove it because social has way better metrics than traditional some asshole stood at the top of a building with a clicker and counted how many cars drove by a billboard and that’s the metrics we’re using do you know that people do little fucking scantron like cards to tell Nielsen’s what shows they watched are you fucking kidding me however thank you for that one clap that meant a lot however however we keep poking holes in social you know why I know the size of your company similar to where I’m used to you’re busy you’re doing a lot of stuff and you need to grow I get it but please bought it yourself figure out what you’re doing when people always talk to me and say but how do you scale this I say you take all the money you’re spending on dumb shit and you put it into humans thank you I mean us standing up you’re my only step shit thank you back so I think thank you so much I think I’m 2 minutes for Q&A oh shit this is heavy ok who’s got a question the shellman over here the showman over here ha ha ha ha 36 I can’t remember shit Hey help what’s your name of me I’m John and nice to meet you hi nice to meet you too you you’re awesome ok so one of my goals was to figure out the social media deal so I appreciate you what your words are I own a newspaper company ok so market biggest concern is how do you monetize the content contents good but how do you you know what is a media company you know how do we look at that guys listen media is a commodity now it’s it’s it’s just truth listen some dude bought 1200 horses the day before Henry Ford created the car he fucking lost right I mean that’s just the way it is business doesn’t give a shit innovation doesn’t give a shit about you me or anybody what you need to do is take that brand equity and while you’ve got some eyeballs there and start understanding how to convert them into something else I mean it’s just the truth holding on to what emotionally feels good is a really good way to go out of business you know I mean that’s just the way that’s the truth of the matter it’s gonna be very hard for you or any of the smart people here to sit around in a brainstorming session and say okay who’s reading newspapers in 12 years and you’re a young dude so I would take that brand equity and I would start siphoning as quick like like like the way you siphon gas as fast as you fucking can to get them to go to some other platform monetizing content is extremely difficult however look at a site called refinery29 it’s a fashion sites a competitor of ideal ease they’ve done a really good job with content and commerce you’ve got to really rethink this man I mean there’s just there’s nothing cute about it I mean you know we know that the music industry got disrupted right clearly your industry did but I promise you the thing that this room is under estimating is communication has been disrupted how many of you have children nieces or nephews that are between 12 and 18 years old raise your hand so you guys know I love this debate three years ago when I heard like parents my friends are in their 30s and 40s saying I’m never texts with my child they want me to tax only phone call how many of you remember having that thought yeah how many of you now are texting only with your children exactly so the fact that matter is is that communications being disrupted content for commodity it’s a commodity anybody can do it everybody’s gonna cry about the journalistic quality great if you’re so fuckin good when if it’s so good if it’s such good journalism then win and so it’s top man every 48 hours I mean that’s just the truth of the matter and the way distribution is done it’s just been disrupted and so what I would tell you to do is take the last equity or all the equity that you have there really think about what you’re doing with it yeah question yeah right here what’s your name with me I’m Jacob Dalek how are you good how are you doing good um were you about to introduce to us your team this is my partner Aaron also brother how are we own a company called cheap ink and we sell ink cartridges and toner okay and we are launching our e-commerce website and we know that it’s a field that is pretty saturated and we are very focused on doing a lot of things to differentiate ourselves in it we’ve been in it for nine years so we’re familiar with it yeah you know what my question is we are we’re trying to do things on Facebook and use social media to market ourselves button cartridges and tone are not the sexiest of products and it waters a boner about it it’s pretty excited huh English the shit man a me too I’m definitely like you know change you know turn that frown upside down and you’re like it could no no it’s not a frown I mean I have some ideas about it but no but I get it I’m making a joke my question my question to you my question to you is how do I make it interesting or do I have to I’ll tell you that media literally if we ran into a coffee shop and I was giving you 20 minutes of ice I’ve got the piece right now map everybody who you know is the buyer of in office right cuz I let me ask let me ask a better question how much of your business is b2b like how much is it the buyer or the office manager it’s not the individual right it’s a mysterious it is a mixture of individuals and also small medium the mixture what’s the mixture yeah it’s more b2b how much 6040 problem okay so you know one thing I would definitely use is a combination of LinkedIn and Twitter and Facebook map your entire consumer base right so everybody how many people do you have in your customer database right now I mean right now we’re relaunching a product right now our product right now it’s got customers right yeah we have about 50 to 100 oh so it’s really it’s like a small group of people yes I mean we so first and foremost how much Thank You economy stuff are you doing with those 50 200 people because honestly I’d be at their house shoveling their fucking driveways during snow sleet you know what I mean so first things first I Papa that was just little fun but first things first I highly recommend that you go really deep emotionally with that small of a customer base I’m dying to know when the last time you talked to them casually in a non business way has happened with those 50 to 100k brothers stand up how many times we talk with our customers on instant message all that pretty regularly actually I would highly recommend trying to shift into some sort of emotional center right so like a good example is one of the people we worked with that Quaker client he mentioned something really subtly that he played high school football for one day because he went from soccer to football and he was trying to blitz as a linebacker and this offensive tackle threw him into like you know the next state and he mentioned the player and it wasn’t actually a player that played for the NFL when we got back I ordered that players Jersey and sent it to him there’s ways to have real relationships with people when you have a small of a customer base as you guys have those 50 200 people literally need to become your best friends yeah and we’re trying to grow that significantly the core sort of I guess what when you when you have 600 of them those fuckers need to be your best friends – yep you know what I mean absolutely so I I think that’s one thing to understand and by the way you should map who they are socially back to my Jay Cutler story you should email them and ask them who they are in Facebook and Twitter and friends or them and watch what they’re talking about you’d be stunned in Thank You economy my book there’s one tweet where somebody complains about a phone service somebody jumps in helps them and lands a $250,000 gig based on one tweet you know what I call that ROI so yeah I was thinking that we could even add it in when we’re asking them to sign up and things like that so that they know that we’re actively engaging with them beyond it’s good but push that human element you got you’re sitting in such a great spot as a business to be that small of a customer base you could really push the envelope you know going through a survey is not human you calling and being like how’s your day going like what other needs can we have like notice that you have your power went out on Twitter I’m coming over with my generator that’s how you keep somebody for the rest of their lives sure and that data is being put out now that it wasn’t ten years ago and you know why people aren’t gonna do it cuz it’s fucking hard and people are dicks but if you’re a good guy you can win well and that’s what we’re trying to do we want to be as close to our customers as possible to make them happy so that you do I use one more thing yeah we’re from Chicago easy on Jacobs yeah alright one more and then I think I got to do the book signing yes sir what’s your name my name is Jeff thanks for thanks for taking my question sure Mia was good stuff right liked what she had to say Thanks um I’m talking about when you’re you’re you’re kind of talking about what would you do for your mother and then for your brother yeah for a complete stranger yeah I started a company called red monkey foods we do gourmet seasonings and spices so since I am a complete stranger would you mind tweeting about it to your nine hundred thousand friends good hustle I’m obsessed with hustle right but see what I find interesting is even though I just gave it an really passionate talk you went for the 19 year old dude move right you tried to close on our first transaction and so that gives you a big fucking no but but I do love your swag and your hustle and that’s why you’re sitting in the room you go and hedge that you know we’re all the guys I told you my first business was lemonade stands because I really didn’t want to tell you what it really was my first business was really four and a half I used to go to people’s yards rip their flowers out of their yard ring their doorbell and sell it back to them so unlike you I’m gangster right I’m sales I’m not up here mother Teresa love you’re 50 people I only remember you forgot because it was an hour ago I only do this because it’s how business is going to be done I’m only interested in this stuff because it converts and it’s going to be the only thing against the amount of noise that’s going to be going on in the world so what would have been more interesting is when I talked about you know the stake I was having for you to like send and say hey I saw you in 500 and I’m sending you a little you know spice that would go really great with that and then I would say ah good thank you economy tactic let me retweet it but now you fucking blew it but there’s a lot of other but there’s a lot of other pretty girls out there so the next time you go into the social media bar don’t be a douchebag roll deep thank you you

Piers Morgan Tonight – Gary Vaynerchuk- Thank You Economic system Interview

Gary Vaynerchuk is a fast-talking irreverent business guru who calls himself a serial entrepreneur his twin passions passions I share incidentally a wine and social media his latest book is for Thank You economy thank Gary joins me now what is the Thank You economy Gary you know the the word economy was the big part of this title I think what it is is it’s the tackling the issue of the ROI of social media all these businesses that you know I consult for they want to know well what’s the value of a million fans on Facebook or what do I get if I actually interact with people on Twitter and and I’m also answer the answer is everything’s going old school appears you know I think your grandparents are more equipped to run business today than we are because they actually cared about their customer you know consumers don’t want to be talked to anymore they’re pounded with commercials and print and newspaper ads and billboards and I think now that we can listen to them they’re actually looking to shop with the people that actually care about them so how do you run your business you develop this extraordinary Empire worth tens of millions of dollars from basically a liquor store and you’ve done it online in a very aggressive and smart way what’s been the secret of why you succeeded where so many others have I think two things you know I was born in Belarus I’m an immigrant so ridiculous hard work is interesting to me right it’s in our DNA so what what I did in o7 when I started using Twitter was I realized everybody was going to mess this up everybody was going to look to push more stuff watch my show tonight at 9:00 right buy my stuff do this everybody was gonna push messages what I did was I used a site called summize which no longer exists twitter bought it it’s now search Twitter and my opinion it’s one of the most important sites in the world I just searched Chardonnay and Shiraz and Chateau Latour look what people were saying and responded to it creating contacts and relationship which then allowed people to discover who I was so you were seeking out customers yeah I was seeking out real look you know yes no question I’m not mother Teresa I’m not this is the Thank You economy I’m not Zen rock climbing drinking tea and saying you know I’m doing this for kicks and giggles I want to build business I want to buy the New York Jets right I just realized that there’s a different way to do it today you know Eric Schmidt the former CEO of Google the other day said you know more content is being produced in 48 hours than was produced from the beginning of mankind until 2003 consumers are inundated pounded with messaging of course they’re tuning all that out and not listening to the pitches that we’ve all done silly I don’t want to promote my show for example yeah which I try and do on Twitter as much as I can what is the most effective way that I should be doing it i watch your show a lot right and in the corner here in the bottom where everybody’s looking right now it says follow Pierce on Twitter yeah I think it should say conversate or interact with Pierce on Twitter right for celebrities and people which shows they play too much inside baseball you know everybody’s talking to each other the celebrities are talking to each other and that’s not real to anybody watching this to me what you should be doing is you should be searching Peters to your account right looking at what people are saying and interact with the actual listeners instead of pushing out a tweet so forget all that kind of egocentric you know narcissistic nonsense between celebrities anybody who’s one but are you right there Ben don’t a lot of people come on Twitter yep precisely so they can watch celebrities feuding with each other no question and there’s plenty entertainment value and nothing should be all-in right you should have a mix but in my opinion if you look at my Twitter stream if you go to twitter.com slash Gary Vee you will see a boatload of at replies which is thank you Pinot Grigio a wink a hug and then you’ll say hey buy my book listen I want to sell my book but I think it needs to be one push for every thousand or hundred polls so it’s a kind of modern version of customer cares absolutely and you’ll get as you say you’re going back to what the the grandparents used to do which is the guy in the local liquor store for example the butcher gave you know why is it a baker’s dozen they cared and more importantly let’s understand what really is happening now we live on a word-of-mouth foundation so when somebody’s watching your show if you go and look up your name and say hey thanks so much for watching my show because they made a comment right you know when they say oh my god Piers Morgan just responded to me their entire social graph is seeing that and 230 people that is following that person sees that and says wait a minute you know what Pierce is a real dude maybe I’m going to check out his show or when a Pepsi responds instead of just doing a Super Bowl commercial you know that means something that Dane age is coming I’ll give you an analogy the pet dog now with me Pearson oh this is a little weird the pet dog in the 50s it was an outdoor creature right by percentage by data the dog was outside over the last 50 years not only has it come into the home but it’s in the bed and we’re dressing it and feeding it better than we are ourselves I believe that we’re living through the humanization of business this is the beginning but I believe that you’re not gonna do with the fat dog well what that has to do with the pet dog is that people are treating a pet dog more like a human that they did 50 years ago and I believe you’re gonna treat logos and brands the same way you will have a conversation with Nike or Reebok or Ford about something that has nothing to do with their core business in the future because of this infrastructure and that changes everything what if you watch it is you haven’t got a clue about the incident where should you start to start a business yeah but you’re pretty useless on the online yeah what are the most simple effective ways to make your business start to sing you know obviously it’s super different for a small entrepreneur listening right now compared to you know a fortune 500 company and and the book really tries to tackle both entities I think for somebody who’s just starting a business you’ve got to go to the googles and the bings of the world and start searching if you’re not educated on how to use it we live in a day and age where you can go to youtube right now and watch a video of how to use all this stuff but the biggest problem and I got this all the time with my last book which was much more geared towards the entrepreneur everybody just wants to push their product they said Gary well I don’t have any followers well I didn’t either I didn’t have a TV platform I wasn’t you know a world-known character I went out and got the fans I fished for them and that’s what I think brands have to do how expert are you in your field of wine I’m pretty solid as you know we were just talking right before the greatest wine of all time when I said 47 Shabalin hero hug the 47 should right no and I said the second one was that what you thought was first 51 the top right so and we were talking we’re talking about 29 s and 45s I think that’s super important I’m glad you brought that up the biggest problem that I see in social media today and there’s so many social media experts they’ve never really built a business you know I built a 60 million dollar business before I started talking about how to use social to build a business you have to know your craft because no matter how good at marketing you are and no matter how good you are at fishing social media if you don’t know what you’re talking about you’ve lost then content is always King if I want to buy wine off you how do I know that you’re gonna get me the best example of that wine well I mean I think there’s a variety of different things I mean obviously you know for us with winelibrary.com my family business with my dad Sasha we were very price driven my dad’s liquor store was called shoppers discount liquors you know growing up you know there’s reputation there’s Yelp reviews there’s people conversating right now on Facebook and Twitter there’s new sites like tumblr right and Cora and Instagram that are changing landscape and getting information from the social web is how you’re going to figure that out if we’re legit or not see here’s the biggest thing that I see going on piers why I called it the Thank You economy billions of dollars going to be impacted by the maturity of the web see Twitter and Facebook are getting all the credit but what’s really happening here is the internet is maturing it’s only 17 years old the internet that we all know the consumer web the one that a o L sent the discs in the mail to get us to sign up for is only 17 years old we are grossly as a culture under estimating the impact of this social web we have a quick break when we come back I want to ask you whether the problem with the Internet is as we get more obsessed with it we’ve become a bunch of boring geeks yeah like now my guest Gary Vaynerchuk Gary it’s a fascinating thing the internet and it’s obsessing all of us but it’s the danger that we all just become a bunch of boring dead-eyed geeks it’s been 20 hours a day on our computers you know I think people dramatically become more social see I’m very countercultural everybody’s talking about like our kids are not social anymore I don’t see it I’ve been able to have dramatically more relationships because of the internet and it was real ones oh just online dramatically real ones see I don’t have a difference between online and real for example when I go to South by Southwest a big tech conference and a lot of people that in that place I’m like you I’m a little thing right and I get a lot of people coming to me it’s amazing to me through one or two engagements that I have context with the person that’s coming to me right I don’t you know I don’t know them like my best friend but we’re starting at a different point because of our interaction online and I think they bleed together that’s my big point with the Superbowl commercials by the way this year I thought they sucked Peters I couldn’t believe in 2011 that nobody ran a commercial that extended it to the web right I mean how do you leave all those conversations on the table they need to work together and so I view it as another platform to create context of relationships and keep them these relationships I mean people compete over followers on Twitter or friends I agree with Facebook and stuff it’s all a bit shallow isn’t it it’s ridiculous it’s an arms race it’s a keeping up with the Joneses and people gonna wake up in a year or two and realize well what does that really mean right and you see it with brands with their big competitors they want to fight you see with celebrities wanting to outdo each other know myself I believe that it’s not about the numbers and it’s not about the pushing out the content it’s simply about the engagement and in my opinion what social has done its scaling caring I’m telling you that if you took a different tack if Ford took a different tack that they actually listened and replied the context that that creates is different similar to the butcher you know why the small town rules worked because they knew your kids were going to graduate in a month they knew that your husband just got promoted it was small town the internet even though it’s big all these gadgets and widgets they’re bringing the world closer to each other we know or about each other and that’s an important contact shift when he saw President Obama have his big powwow with all the internet geniuses recently if you’ve been at that table what would you have been telling him well probably a lot of different things but you know I mean I would have said this listen the president has a lot of restrictions that don’t allow him or the White House to use it the way we kind of want him to but I think anything that humanizes anything is interesting humanizes a business I think what Obama can do and he has to obviously look at the rules that he’s living within is humanized the office right I mean again the president’s always in the push business he gives a talk to the monitor and he pushes any kind of interaction that is allowed and I don’t know all the rules of what he’s allowed to do I think would be enormous and that’s where I would tell him to go how do you regulate the internet how do you stop I’ve got three young sons and you stop them being bombarded with nasty stuff sure so I talk about this a lot you know there was there was a site called formspring that came out a couple about a year ago that caused a lot of hoopla anonymous QA and it got a little nasty I talked to a lot of parents when I’m on the radio and different things here’s what I think about it first of all and this is a big statement and I mean this with all my heart we humans are grossly underestimated and grossly underrated with all the access that we have the amount of bad things that happen is shockingly low I mean we have to paint that picture first and foremost to understand but you’ve got to be a good parent I mean there’s software’s that can track things no question if you don’t have access to your laptop of your underage kid you’re making a mistake you’ve got to be a good parent now it’s hard I mean I don’t want to paint a picture that it’s easy but I think the top line thesis is for every story about the girl that used Facebook and found a bad guy there’s billions of interactions that are not creating any negative aspects when you see all the revolutionary uprising yes across the Middle East and the social networking aspect of that has been extraordinary to observe yeah with them getting round these repressive regimes by just talking to each other yeah you must be excited by that of course I mean again thank you economy is really a business-oriented book when I walk into a CEO of fortune 100 company I say if you think that this is not in acting your business but it’s up rising countries you’ve got it completely twisted I mean this is the biggest platform that has ever hit the human race we are grossly under estimating it and of course Egypt’s happening and it’s going to continue listen with WikiLeaks that affected the u.s. everybody has to understand and they don’t want to pierce nobody wants to accept what’s really happening here which is that the game has changed and the rules of that game are very difficult for people that want to control I am excited about it I am here’s my problem yeah you know I don’t go shopping anymore I buy everything online okay my three sons 17 13 and 10 yep spend hours and hours a day yep yep can’t be good for anybody that we just don’t get out as much it’s better than them watching TV let’s not paint a picture of what was happening behind is this better than going up playing Spalding yes but that view but that wasn’t happening in the 80s or 90s either they were watching television and playing video games we were a long ways away from little Ricky going out and playing ball I mean you know it’s not like this is a new phenomenon and more importantly they’re a lot more worldly our kids right you must look at your sons and be shot I think they’re smarter than I was at the same and it’s not even closer the better informed they get news better faster but their attention span I is absolutely miniscule no question but I have a family friend little Lou right he used a site called chat roulette do you remember that thing I got a lot of attention too he found a family in like Peru he spent the hour and a half talking to them you know who they were his context of his life how good he has it changed forever no documentary in class no sitting down with your son telling him you got it so good none of that could have done it so there’s enormous positive coming out of these innovations you just got to look for it these big companies you don’t advise are you shocked by how non-internet savvy they are you know at first I was going to be the punk kid entrepreneur and you’re gonna do it this way and you guys all don’t get it I’ve learned over the last couple years of working with lottie’s companies they get it they’re just playing a different rule the Thank You economy the new social web is about running a marathon Perce it’s about creating a real relationship it’s about marrying somebody instead of having a one-night stand the problem for all these big businesses is they report quarterly right they’re playing a different game the street is looking at their numbers and they have a very difficult time going all-in on investing in something that takes a long time to develop so what I’m trying to do is help them form little ninja units while they’re doing what they’re supposed to do and how much how much do they pay you for this privilege well they pay lots of money right vaynermedia charges you know between twenty and thirty thousand dollars a month for consulting and community management so it’s not I’m not revolutionising the world but it’s a solid living well given I’ve got you here for nothing yeah obviously as we took the opportunity so forget Twitter for a moment how else would you promote my show what is what’s the smartest coolest way let me recommend an audience first and foremost top-line thesis it’s not about you talking out it’s not about you talking SLB hey Stan I understand it’s about listening I’ll tell you what I would do first and foremost the only way that I would use Twitter is through search Twitter looking up your name and the shows names the guest you have on and actually engaging with people not named Ryan Seacrest or Kim Kardashian actual human beings right number two I think tumblr is the most important site of 2011 it is exploding it’s a micro blogging platform I think you would push out content there maybe behind the scenes clip maybe after we’re done taping this we do a little flip cam thing and you push it out there a different place to do something we actually do that on our site yeah CNN I think that’s great and I think Cora have you looked at Corey yet yeah so Cora is a Q&A platform has a very dark horse chance of becoming the new Wikipedia you know it’s gonna be interesting to see where they go I would go in there as you you’re pretty knowledgeable smart dude I’d go in there find things that you know answers to and answer them Pierce you’re a major star Thank You Garrett okay thank you is it again you have to humanize yourself and so does Pepsi and so does Ford and so does the National Hockey League the consumer was saying really we’re seeing the whole world everybody now believes they have a voice don’t they that’s what I find very interesting because they you know you get the reaction on Twitter and half them saying great things about you half want to kill you sure but I quite like the freedom that this Twitter and social network has brought people to have an opinion absolutely better to have an opinion no opinion right and the marketers that are sitting in the room or the people that are you know marketing the show no longer can you be like it’s working you get instant feedback right you know and I think it’s just level the playing field it here’s what it is peers it’s a different skill set for a long time the person that could give the best PowerPoint presentation one now it’s the person who has the best skills in a cocktail party and every business and celebrity that has better skills in cocktail party instead of presentation is going to win going who is your biggest rival and I really you know is the one you look to the thing that they’re stepping up yeah the one person that I would set you know that’s a great question you can see stumped me and I can answer everything I don’t really think of it that way I don’t want to give the real answer is good arrive you know I don’t want to give the real answer which is that I think I’m better than everybody that’s fair enough you know but who do you see threatening your hat I’m always scary other Gary I’m scared of anybody who’s bigger than I am who will work as hard as I will you know Fallon’s scared me when he first came out cuz I thought he was gonna really interact Andy Cohen at Bravo I think is a sneaky kind of character right Kim Kardashian is probably executing it as well as anybody cuz six million photos I had her on here yeah I got a look at the camera and say follow piers moon are literally sure it exploded I mean I got about thirty thousand followers you know what ventilation vaynernation follow Piers Morgan I wanna I wanna Trump a Kim the vaso view cooler the vane and a maniacs a baby act you know appears I think that anybody who’s got a bigger platform than me who’s willing to bleed out of their eyeballs for their community will beat me anybody who’s smaller won’t because I’m just gonna outwork everybody Gary good luck thank you my friend good to meet you real pleasure that was Gary Vaynerchuk

Digital White Board – How to Invent One, Pointers and Tricks

hey what’s up everybody this is pat flynn from smart passive income comm and today i want to share with you how I create my electronic whiteboards now you might be wondering well what’s an electronic whiteboard well it’s exactly what you’re seeing on the screen right now it’s almost like a virtual chalkboard or virtual dry erase board which allows you to write on the screen and you record it and it’s just a fantastic way to teach things to people you could draw you could do math equations you can doodle if you wanted to it’s it’s really cool and actually one of the most common questions I get because I’ve done a number of these videos in the past is how do you create these videos and that’s exactly what I’m gonna share with you today okay so what you’re going to want to do is create a background image the image that you’re going to be writing on just like what you’re seeing on the screen right now this image should be twelve hundred and eighty pixels wide by 720 pixels tall and the reason for that dimension is because those are the dimensions that are accepted in YouTube and many other places as well as the HD or high definition format and the reason why you want to upload a video in HD is one because it’s just it just looks a lot cleaner but also – especially in YouTube when you are found in the search results for YouTube for keywords related to your video a little box shows up next to your video that shows a little HD symbol and you know if you have that your videos gonna be more likely to be watched and viewed because because of that so I would totally recommend doing the 1280 by 720 background so that you can upload to YouTube and other places in HD now as far as the background is concerned you know I just like to do a little header like this it’s kind of branded it has my logo on it and also I like to put a little footer in there as well just to differentiate the area in the middle which is where I right on you can get creative and you can do whatever you want with this you can have you know little watermarks for your website or other kind of graphics that you want to put on there totally up to you you can be creative so how do you create this image well you can do a couple things you can go and you know create it yourself in Photoshop if you have Photoshop experience and I’m not going to go over tutorial but how to do that but that’s one option you can just create boxes and you know drag-and-drop your logos on here just like that number two if you don’t have Photoshop or you can’t afford it I know it is an expensive piece of software you could use a Photoshop like program called GIMP if you go to gimp.org you can actually download it to your computer it’s an open-source kind of Photoshop like program that you can download for free if you have a PC or a Mac and it’s just like Photoshop there’s a little bit of a learning curve but again if you have a little bit of graphic design experience you can go ahead and create that yourself using GIMP and the third option if you can’t do number one or number two is just to simply outsource it and you know what I mean by this is just have somebody create a 1280 by 720 background for you that you can write on so that you can record yourself for writing on it so you can go on places like Elance calm or odesk.com those are both places where you can hire someone really quick to have this done for you or you can just have a friend do it you know there’s got to be someone you know who can do this for you really quickly it doesn’t take that long and I would rather you ask a friend and save 50 bucks instead of going to Elance or oDesk but those are all good places to go to so the question becomes once you have your background how do you start writing on top of it and recording it so actually I’m going to I’m going to show you the trick here I’m actually going to zoom out and show you that I’m just in Photoshop right now and I’m drawing on the screen using the the pen tool in Photoshop and that’s all that you’re seeing me do so I’m just recording myself in Photoshop and before it was just zoomed in a hundred percent on the 1280 by 720 background that I created which is why you didn’t know I was in Photoshop now you can do this exact same technique with the image in GIMP GIMP has a pen tool and you can record yourself just in this portion of the screen you know doing your little tutorial now if you don’t want to use Photoshop or you don’t have access to it and you’re not comfortable with GIMP there are a couple of other options for you if you’re a Mac user you can download a tool for free that’s called um dazzle om and I dazzle and if you just look that up in Google you’ll see that you can download it for free and what it does is allows you to draw on the screen and not just on you know it’s not a program that you open up and draw onto you can actually draw on top of your entire desktop and I especially love on the dazzle for drawing and recording myself draw on top of things like websites when I do critiques or reviews and things like that so you it’s it’s a pretty powerful tool the only reason why I love to use Photoshop and why I only use Photoshop for the whiteboard for the electronic whiteboard is because I use a pen and tablet tool which I’ll show you in a second that that actually picks up the weight of the pen so when I’m writing in Photoshop I can actually do like light lines or dark lines and it picks up the pressure of my pen that on the dazzle doesn’t do so when you’re writing in Photoshop it’s a little more lifelike as opposed to with aamna dazzle where actually let me see if I could bring it up here it’s more just kind of one with and one so this is the red the red on the dazzle tool so that’s why I like on the dazzle and Photoshop for Mac users if you’re on a PC and you don’t want to use Photoshop or GIMP you can actually use the tool from Camtasia studios it can’t aegis studios is the screen recording software that you would use if you’re on a PC to record yourself doing this stuff on the screen and it actually comes with its own pen tool but again like on the dazzle it’s just one with and there’s no weight to it so if you had a pen tablet tool it would look like that red one I just showed you so again the reason I like Photoshop is because it’s a little more lifelike and cleaner when I write but that’s what you would use if you’re on a PC so as far as recording software I would recommend a couple pieces of software if you’re on a PC I just recommended Camtasia Studios to you Camtasia Studios and if you’re going to be doing a lot of this it’s definitely worth worth the investment if you’re on a Mac you have a couple of choices Camtasia for Mac by the same company as Camtasia Studios for PC is one and there’s another one I like to use called ScreenFlow and as far as Camtasia for Mac vs. ScreenFlow they’re basically the same thing and I even have trouble deciding which one I like better I actually switch back and forth so this is the software that you would use to record yourself writing in Photoshop writing on top of your background GIMP or with on the dazzle or like I said Camtasia Studio comes with some pen tool okay and lastly before I let you go I just want to recommend that if you’re going to be doing a lot of these videos in the future that you invest in a pen and tablet tool because I don’t know if you’ve ever tried writing a you know script or text on a screen with your mouse but it’s incredibly difficult and I’m trying to write my name right now and it just sort of looks like a second grader writing with their opposite hand it just doesn’t look very good so I highly recommend getting a pen and tablet tool like the one you see on your screen now this is actually my own hey everybody what’s up and this is a bamboo fun tablet that’s the name of it it’s by a company named Wacom and you know you can just get it on Amazon if you want if you want to go through my fill in link you can go to smartpassiveincome.com slash tablet and you know i get a commission off of that if you do purchase through me there and it just makes writing so much easier like you’re writing on paper and again Photoshop if you’re doing this on Photoshop it’ll take the weight of your pen and kind of put it on the screen so it looks a little bit more realistic so I hope that helps out again I highly recommend using a pen and tablet tool like this one if you’re going to be doing a lot more of these videos and if you haven’t done so already please subscribe to the YouTube channel I will be doing a lot more videos in the future so just click on subscribe right there to subscribe to the channel and check out these other two videos in case you would like more from smart passive income just go ahead and click on those little videos right there and it should take you to the next video so thank you so much I appreciate your time and you know good luck

Why You Should Maintain end Existence Insurance coverage protection (GoodFinancialCents.com)

That is Jeff Rose. Welcome to goodfinancialcents.com.
At the moment I need to discuss slightly bit about why
you might want to purchase life insurance coverage. Now, I do know
life insurance coverage is a boring matter. If I gave
you a lecture on life insurance coverage proper now
I’m positive you’ll click on away, go to sleep,
move out, day dream. I get it. Here is the
factor; when you’ve got a household, when you’ve got a
liked one that you just actually, actually care about,
then there isn’t a cause why you shouldn’t
have some type of life insurance coverage.
I used to be stunned and alarmed once I learn the
statistic that stated over 50 million US households
don’t have any life insurance coverage by any means. Over 50
million! Please don’t be a kind of statistics.
Exit and purchase some life insurance coverage.
How do you do it and the way a lot does it price?
Sure I do know, typically life insurance coverage may be
complicated. It may be an expense that you just simply
do not need to need to pay as a result of we’ve
so many bills these days. Let me reassure
you of two issues: 1) it is very easy to
get a quote and a pair of) it would not price that a lot.
How do you get a quote of time period life insurance coverage?
Here is the excellent news; you do not have to go
that far. On my weblog at goodfinancialcents.com
I’ve a quote engine that will provide you with a
life insurance coverage quote in lower than 10 minutes.
Truly should you undergo it fairly rapidly
it could be lower than 5 minutes. You possibly can
have a quote for the most cost effective time period life insurance coverage
supplier that exists and it actually takes
you lower than 5 minutes.
How a lot do you might want to purchase or how a lot ought to
you purchase? That may be a tougher query to reply.
Let me provide you with my very own private story to assist
you higher assess what may apply to you.
When me and my spouse first received married I bought
a $250,000 time period life coverage. We did not have
any youngsters. We simply had the home, so I felt
on the time that $250,000 was sufficient and at
that point it most likely was. Once we had our
first little one although issues modified. I now realized
that I used to be the supplier, not just for my spouse
however our son, so I felt I wanted to up it up.
I then ended up buying a separate $500,000
time period coverage. In complete I had $750,000 of time period
life on myself. For the longest time I felt
that was greater than lots, however then we had
one other addition. We had our second son. At
that cut-off date I used to be 30. I believed we
may need a 3rd son, however I did not need
to undergo the entire life insurance coverage course of
once more so subsequently I went out and acquired a
third time period coverage for a complete of $1.5 million
{dollars}. As of proper now I’ve over $2.25
million {dollars} of time period life.
The way in which I got here up with that quantity is as a result of
I needed to ensure that all my household was
taken care of. If my spouse did not need to go
again to work, I needed her to not need to
fear about it, the automotive fee, the mortgage
fee, the children, the children’ faculty and all
their bills. That is how I decided that
quantity. Which may appear to be so much, however relying
on the place you reside and the way a lot revenue you
make which may not be almost sufficient. All
that price may be very, very minimal given the
safety that we have to ensure that our
household is protected.
You probably have any extra questions on time period life
insurance coverage, the place to search out me, goodfinancialcents.com.
If you’re in search of a fast, fast quote
engine on how a lot time period life will price you
as we speak, click on on the positioning. It’s going to actually
take you lower than 5 minutes. I respect
your time. We’ll see you quickly.
The opinions voiced on this materials are for
common info solely and aren’t supposed
to offer particular recommendation or suggestions
for any particular person. To find out which funding(s)
could also be applicable for you, seek the advice of your monetary
advisor previous to investing.

Value Solely Vs. Value Based mostly Monetary Planner/Advisor (GoodFinancialCents.com)

That is Jeff Rose with Good Monetary Cents.
Right now I need to speak concerning the distinction
between a fee-only monetary advisor versus
a fee-based monetary advisor.
What’s the distinction? A fee-only monetary
advisor is straight compensated from the shopper
and solely compensated from the shopper. That
means they don’t receives a commission a fee from
an funding product, they do not earn any
trails from their brokerage agency or mutual
fund firm, and so they don’t receives a commission a
referral payment. The one manner they receives a commission is
straight from the shopper and dealing with
that relationship.
Usually the fee-only monetary planner or
monetary advisor can receives a commission hourly, a payment
for service or a retainer payment. One other widespread
technique is property beneath administration. I speak
extra concerning the fee-only monetary advisor
in one other video so if you’d like extra info,
remember to test it out.
A fee-based monetary planner is slightly
trickier. They’ve the choice of incomes
a payment and in addition incomes a fee. Making an attempt
to determine what relationship or what position
they’re working with you makes it slightly
bit more durable so that you can distinguish. What that
means is they’ll open an account and earn
a payment the place you are paying usually property
beneath administration, so a proportion of the entire
investments they handle for you, or they’ll
additionally promote you an funding product. That
may very well be a mutual fund. That may very well be an ETF
as in a inventory. That additionally may very well be a variable
annuity or insurance coverage or every other kind of
insurance coverage product.
When working with that fee-based monetary
advisor it is extremely, essential to know
precisely how they’re getting paid or, said
one other manner, the way you’re paying them. Make
certain you perceive that relationship.
These are simply a few of the few variations
between a fee-based monetary advisor versus
a fee-only monetary planner. You probably have
any extra questions you realize the place to search out
me, goodfinancialcents.com. We’ll see you
quickly.
The opinions voiced on this materials are for
common info solely and should not meant
to offer particular recommendation or suggestions
for any particular person. To find out which funding(s)
could also be applicable for you, seek the advice of your monetary
advisor previous to investing.

Making Cash In Exact Property – Interview

That is Jeff Rose with Good Monetary Cents.
I’ve an superior visitor with me immediately. Hopefully
you have checked out an article I had on the
weblog. It talked about how a 29 yr outdated was
making a killing with actual property investing.
Properly that 29 yr outdated is definitely within the workplace
with me immediately. I need to learn the way he’s
doing it as a result of sure, I am type of jealous,
however actually simply how he received began and the way
he’s doing immediately, how he’s creating wealth,
how he’s discovering these offers and simply choose
his mind as we go alongside.
JEFF: We have now Eric ________ with me immediately
who’s going to shed some gentle on tips on how to
earn cash in actual property. Eric, how are you
doing immediately buddy?
ERIC: I am doing good. Good to see you Jeff.
Thanks for having me.
JEFF: So I believe simply to actually kick it off,
clearly you are a youthful man, youthful than
myself. How does a youthful man get entangled
in actual property?
ERIC: I believe for me personally I fell into
it for a similar motive lots of people do,
absolute determined want. I had completed graduate
faculty and I did not actually know what I used to be
going to do. I had a level in political science
and English and a grasp’s diploma in worldwide
diplomacy and had moved again to Southern Illinois.
I had quite a lot of questions on how I used to be going
to pay my payments. My father had at all times been
investing in actual property on and off somewhat
bit for years and he actually was the one to
push me to discover the enterprise. The rationale
I received into it was actually simply determined want.
I used to be broke. I did not know what I used to be going
to do. I had at all times seen all these items
on TV; purchase homes with no money and no credit score,
which I didn’t have both. I didn’t know
something about actual property. I did not know
tips on how to purchase a home. I did not know what went
into repairs. I might barely tie my shoe.
I am not even going to alter the oil in my
automotive. I used to be not helpful. So actually the one factor
I knew was that I did not know something, however
I used to be curious sufficient to maintain going. I began
to purchase programs and I’d learn issues about
it and I’d get something free that I might
and, that’s actually how I began the training
course of.
JEFF: Fascinating. Okay, so that you began shopping for
these books. You began shopping for these programs.
How lengthy from while you had an curiosity to
while you really made your first actual property
funding?
ERIC: That may be a nice, nice query and
a comic story. Perhaps somewhat too quickly. Like
I mentioned earlier than, we began with out having any
cash or any credit score, and we have been utilizing strategies
in actual property that did not require both
one. In a short time after I began studying
the books I simply dove in and began buying
properties with a lease with an choice to
purchase and I began optioning properties, which
is only one method on tips on how to take management
of a property and have it produce earnings for
you. I’d say throughout the first month to
5 weeks I used to be on the market actively wanting
at homes and making presents, studying as I
went.
JEFF: With the primary property that you simply invested
into, was {that a} success? Was it a studying
expertise? Was it each?
ERIC: Each, Each. The very first thing we began
doing was the lease with an possibility to purchase,
which is a sandwich-lease possibility. I’d
lease-option it from a vendor after which I’d
lease-option it from the again finish to a tenant
purchaser. That’s really how we began constructing
our enterprise. We had over 20 of them going
they usually have been very worthwhile for month-to-month
money move, however what we discovered is it was actually
exhausting to get these tenant patrons on the again
finish to money you out. So my month-to-month bills
and payments have been being paid with no downside,
however I wasn’t seeing the large fats checks that
I had heard a lot about and I needed so
desperately. That’s what led us into wholesaling
properties so I might get a examine rapidly.
They have been all worthwhile, however what we began
to be taught the extra we received educated and the
extra we discovered about our market was what
was going to work finest for us.
JEFF: Proper. I believe for lots of us that
perhaps need to get into the actual property investing
or perhaps we have dabbled in it, it didn’t
fairly work out. Are you able to perhaps share a narrative
or an incidence the place perhaps you thought you
discovered a candy deal and for no matter motive
it did not work out?
ERIC: Positive. Yeah, we used to get fairly a number of
of these. The important thing to that firstly
after we have been studying and what I’d actually
encourage anybody firstly to do is
to take as little threat as attainable going ahead.
There are 1,000,000 alternative ways to make
cash in actual property, however there are quite a bit
of the way to do it with very minimal threat, which
just isn’t utilizing your personal cash and your personal credit score.
These offers may not be as worthwhile, however
as you are studying when you screw up you then’re
not going to go bankrupt by any means. I can
let you know one of many very first offers we ever
did was an possibility deal, the place we have been optioning
a property and we have been going to attempt to promote
it inside a sure time period for extra
than my possibility value was. We spent what was
on the time fairly a bit of cash advertising and marketing
it, placing this complete system and sale collectively,
and I used to be useless set I used to be going to get a giant
examine on the finish of this time interval. We had
completed the whole lot the way in which we would been taught.
Every part was working and I can keep in mind
on the finish of the public sale, which we we’re
doing a seven-day sale, it did not work. At
the time it was devastating as a result of I assumed
I had found to what was going to be
an enormous cash maker for us, and we would put all
this time and vitality and energy into it, however
it did not produce the consequence we needed.
JEFF: In order that was an occasion that did not work
out. Clearly by the put up that you have shared
and what we have talked about, lots of them
have. Are you able to keep in mind perhaps the primary deal
the place you probably did get that large fats examine the place
you felt all these programs and all that point
you set in- that is what I have been ready
for?
ERIC: Completely, Paula Lane. My first large
examine was a home on Paula Lane and it was
a wholesale deal. It was in a nicer space,
which is type of uncommon for a wholesale property,
but it surely was one which we used all of the advertising and marketing
we had been taught. I purchased it at a value
low sufficient the place I used to be capable of promote it to
one other investor and we made $27,000. Very,
in a short time I received my contract from my vendor.
I instantly began advertising and marketing it to different
buyers and anybody I might discover at that
time to purchase it, and to our amazement the day
I received the contract I had a contract to promote
it in the identical day. It closed and we received our
$27,000 examine. My dad refers to that examine
because the shut-up examine that each one the nay sayers
who’re saying these things would not work, you
cannot earn cash in actual property investing
even in a nasty market or an excellent one; he referred to as
it the shut-up examine. It was positively that.
JEFF: That is fairly candy. Very thrilling.
Paula Lane. I do know we have had lots of people
ask for those that need to get began, however
perhaps do not know the primary steps, based mostly on
what you’ve got discovered by means of your expertise
might you break it down into one or two steps
on what you assume are the important thing important issues
to do earlier than you get began in investing
in actual property?
ERIC: The largest factor to do while you’re
getting began is to get as a lot training
as you’ll be able to. I would not go on the market blind
and attempt to do any of this. On the identical time
I would not attempt to recover from educated on the market
and in your thoughts inform your self I’ll
examine this for six months after which I am going
to exit and do it. Actively begin wanting
for offers as your getting educated, however the
greatest factor is training. When you get an
training I’d begin to use techniques that
you are going to discover that work in your market
place. Actual property investing has been going
on for many years and a long time. It really works throughout
the world. Individuals are doing this all over the place,
however each market goes to be somewhat bit
totally different. What you are going to have to do
is get educated, discover out as a lot as you’ll be able to,
see what your market requires and what sort
of offers you love to do. There’s a ton of
alternative ways to earn cash in it, and I am
extra comfy doing sure varieties of offers
as oppose to others ones, however we perform a little
little bit of all of it. Finally when you do determine
to be an actual property entrepreneur you will need
to do all of them as properly.
JEFF: Right now, I simply needed to do a short intro
to be taught Eric’s again story. We have had quite a bit
of questions concerning actual property, which
we need to reply and can do in a later video
sequence. Something you need to shut with, any
encouraging phrases?
ERIC: What I’d say if I’ve any encouragement
out there’s for individuals who could also be
on this and you do not know tips on how to get began,
you are going to have quite a lot of negativity coming
into it. Lots of people are going to inform
you it is not going to work and it is some sort
of rip-off. Actual property funding enterprise is
very actual and intensely worthwhile. The concept
that you will get wealthy over evening and
you do not actually should work for it, as some
of those infomercials make it out to be a
lot simpler than it’s; it is troublesome work
but it surely’s additionally very rewarding. My sincere opinion
is hearken to people who find themselves on the market making
cash in actual property and never the broke folks
which can be telling you that it would not work.
You do not need to take recommendation from them. That is
with any enterprise. If I need to have recommendation
on tips on how to earn cash investing cash, I am
going to ask Jeff Rose. I am not going to ask
Joe Shmoe strolling down the road. Get an
training. Be taught from folks which can be doing
this and see what you want and what your market
goes to name for and go on the market and
make some huge cash.
JEFF: In case you are critical about creating wealth
in actual property, please join the free
e mail e-newsletter that we’re placing out.
We’re going to have quite a lot of content material on there.
All you want is your e mail handle, drop it
within the field beneath and you may begin getting
free and really helpful info. Simply speaking
to him, I am studying quite a bit about actual property
investing so I am getting thrilling. Eric, I
admire you coming down.
ERIC: Completely! I admire you having
me.
JEFF: We’ll see you all quickly. That is Jeff
Rose, Good Monetary Cents.
The opinions voiced on this materials are for
common info solely and should not supposed
to offer particular recommendation or suggestions
for any particular person. To find out which funding(s)
could also be acceptable for you, seek the advice of your monetary
advisor previous to investing.