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Ask Ryan #2

 

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It’s time for another edition of Ask Ryan on Freedom Fast Lane. This week Ryan Daniel Moran answers your questions on business, investing, and entrepreneurship. If you have a question you’d like Ryan to answer on the next show, click here to submit.

Questions and Answers

1. Q: How do you find friends that are successful and willing to share? I’ve tried going to networking events but always end up attracting people just like me.

A: Firstly, listen to a previous podcast episode on building a success network. This will teach you how to get around people at a higher level, elevate the network, and nurture the relationships. Look for groups and masterminds where you are the most ignorant person in the room. Remember, if you are the smartest person in the room, then you are in the wrong room! Ultimately, you want to be stretched and have your thinking elevated. Tai Lopez says you should spend 30% of your time with people who scare the pants off you, 30% with peers who are just like you, and 30% mentoring other people.

 

2.Q: How can you monetize a skill or service in a sustainable way without doing consulting? For example, if you are in HR, finance, or are a sales guru.

A: If you want to have a personal brand that is a viable model you can follow. If you have skills that will benefit other businesses, then share that insight publicly and then charge to be an equity partner in people’s businesses or have some sort of training that will help those businesses. The fastest cash flow comes from turning a business into a service before releasing products. You could bring in other people to implement work for you, or turn your business into a service, even if you are not doing the consulting, and this can be a high cash flowing business.

 

3.Q: I saw a YouTube video of you the other day, and you showed that you were selling 200-300 orders a day. How the hell do you do that?

A: This comes down to running a real business and not just releasing a product. It’s running a business that serves a very targeted audience and market, having really good customer service, being really aggressive, and strategic marketing. This is taught inside The Tribe, and people are already seeing some success at The Next Level events.

 

4.Q: I have an Amazon business that is currently doing about $25K per month. There are a lot of temptations around us on a daily basis and lots of different ways to promote our products. We think we can manage them all without losing focus. How do we focus on only one thing at a time? How do we choose what is best to focus on, and how to come up with a strategic plan to make it happen?

A: You should read The One Thing by Gary Keller. He argues that there is a strategic question, “What one thing can I accomplish that by accomplishing it will make everything else either easier or unnecessary?” This is how you identify what is most important. Marketing is a constant competition for our attention (treating attention as currency). In order to recapture your focus, try journaling and meditating in order to direct it towards your one thing. Ask yourself, ”What will put cash in the bank account or will make everything else easier or unnecessary?”

 

5.Q: Rusty is going to turn down an apprenticeship job that would be a set career for life. His family is proud of him for getting into the program but Rusty says, “That’s their dream, not mine. I want more than that. I don’t know what I’m asking, but I know that I want to be free.”

A: You have identified the problem that you are living someone else’s dream and not yours. The only experience that is real to you is your own so if you are living according to someone else’s story, you are doing yourself a disservice, as you are taking someone else’s experience and trying to make it your own. Live and create the life you want to live, and let everyone else adjust to that.

 

6.Q: If you were starting out building a cash flow business right now, assuming you were in a completely new space, what would you concentrate on building? Would you still sell on Amazon or something else?

A: Your question assumes that there is a best opportunity out there right now. Ryan would still go on Amazon, however, if you had a completely different set of experiences, he would recommend something else. For example, if you are an investment guru, Ryan would suggest starting a personal brand and sell investment courses. It all depends on your skill set, and there isn’t a best way or certain opportunity to recommend more than others. If you have no skills or experience, then you have to start from scratch. Amazon is a good model, as is information products.

 

7.Q: What is one thing you would like from your audience?

A: Subscribe to Freedom Fast Lane, and tell others to do so too. Head over to iTunes! and leave a review after you subscribe. Ryan would also like to you recommend the show to other major thought leaders and suggest he be a guest on their show.

 

8.Q: How do retirement accounts like IRAs and ROTH IRAs factor into your three-rule cash flow formula? Does the tax-free interest growth on a ROTH IRA make it worth it to max out the allowable interest before moving on to other forms on investments?

A: Ryan treats his IRAs as a separate entity, so he maxes out his IRA contributions in order to get the tax benefit from that. He then uses that money as his aggressive growth fund. Ryan’s investment strategy is about long-term growth and cash flow. If it is a ROTH, then that is tax-free growth. Ryan says he uses this almost as play money for aggressive growth purchases in stocks, but suggests a well-advised custom strategy.

 

9.Q: How can I have you as a mentor?

A: If you are at a certain level, you can apply for The Next Level event or the Internet Mastermind, The Tribe of 25, which is for people who have a million dollar, plus businesses. You could also join The Tribe the next time it opens.

 

10.Q: I question the portion of your investment strategy where you say there are ‘low risk’ investments that produce 12% per year consistently. The REIT AG&C, for instance, drops in value very often. How can you rely on that fund for a 1% a month return if the underlying value of the stock is so volatile?

A: AG&C is not a volatile stock as it has very little ebbs and flows. It has been in a downward trend in the last year or two because the stock market is so high that cash flow investments get lower in value. When the market can make more money in appreciating assets, then cash flowing stocks go down in value because something paying 8 or 12% is not making as much of a return as something growing aggressively. Cash flow stocks are most attractive as they go up in value during bear markets because at least the investor can capture the return. The best time to buy cash flowing investments is when their value is low, because the return on your original money is going to be highest. Even when a stock like AG&C is going down in value, its dividend readjusts for the pricing changes. You can still see 12% returns in real estate, which is low risk high-yield. You can also invest in investment funds.

 

11.Q: I would like to start a business selling E-books. How would you go about starting this business?

A: You are asking the wrong question. A business that sells E-books is not a business. The first questions when starting any business is, ”What market do you want to be in?” “What customers do I want to serve, and how do I want to serve them?” “What is the end result that I want my customers to have?” E-books are a vehicle in which you can connect with your customers and bring them toward an end result. It is not a business in and of itself. There are people with cash flow streams where they have E-books made and list them on Amazon. That is a cash flow source but not a business. A business is something that targets a specific market and adds unique value to the market place. When you answer the above questions, then the type of E-book becomes a much clearer path.

 

12.Q: Do you think it’s too late to start an Amazon business and be successful starting now?

A: No. It’s not too late to start a business. Saying an ‘Amazon business’ is a bit of a misnomer because your business is not ‘Amazon,’ it’s your channel. Amazon is where your source of sales might be, but your business is not an Amazon business. There will always be room for good business on channels. It all comes down to the products you are creating and the people that you are targeting. There is a consolidation on Amazon among businesses that are doing things inefficiently. 

 On your iPhone? Listen on iTunes here.

Links to Resources Mentioned

 Next Level

Tribe of 25

The One Thing (Book)

Art of Charm (previous podcast)

How to Develop Your Success Network (Previous podcast)

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‘Ask Ryan’ is back on Freedom Fast Lane! Hear the entrepreneur Q & A podcast w/ @RyanMoran https://www.freedomfastlane.com

Got entrepreneur questions you need answered? ‘Ask Ryan’Q & A is back on Freedom Fast Lane w/ @RyanMoran https://www.freedomfastlane.com


 

 

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