In episode #592, Eric and Neil discuss what you should do with your profits. Tune in to hear in what you should be investing. TIME-STAMPED SHOW NOTES: [00:27] Today’s Topic: You Made a Bunch of Money. Now What? [00:45] If you make six figures, pay your expenses and live a minimalist lifestyle. [01:05] Put all your money back into your business. [01:28] Ray Dalio’s book has been helpful for determining what to do with your money. [01:54] Ray is a hedge fund manager; his book discusses the benefits and diversifying. [02:18] Warren Buffett typically makes ten to twenty investments at a time. [02:37] Invest back in yourself! [02:50] Invest back into your business! [03:22] Neil would take his profits and invest in more businesses. [03:40] He lost a lot of money this way. Focus on your core business. [03:44] Neil spoke with Brian Lee, head of Shoe Dazzle and Legal Zoom. He told Neil to have laser-sharp focus on his core business. [04:14] Only consider expanding when your core business has leveled off. [05:23] Eric watched a video about how to get richer. [05:45] He learned that taxes are 30-50%. [06:06] Eric recommends starting an LLC to run your expenses through. [06:21] That’s all for today! [06:25] Go to Singlegrain.com/Giveway for a special marketing tool giveaway! Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

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