1 00:00:00,000 --> 00:00:02,800 Welcome back to another episode of the Resellers Mindset 2 00:00:02,800 --> 00:00:03,480 podcast. 3 00:00:03,480 --> 00:00:06,160 My name is Mike, also known as the used book guy on YouTube, 4 00:00:06,160 --> 00:00:09,480 along with my friend and fellow full time reseller, Johnny B. 5 00:00:09,480 --> 00:00:11,840 We help people start and grow their reselling businesses 6 00:00:11,840 --> 00:00:13,080 from the ground up. 7 00:00:13,080 --> 00:00:15,400 We also have a weekly Zoom call and private Discord 8 00:00:15,400 --> 00:00:16,880 for all YouTube members. 9 00:00:16,880 --> 00:00:19,240 Head on over to youtube.com backslash 10 00:00:19,240 --> 00:00:20,840 used book guy to join the channel 11 00:00:20,840 --> 00:00:24,040 and gain access to the full length podcast Zoom call 12 00:00:24,040 --> 00:00:25,700 and private Discord today. 13 00:00:25,700 --> 00:00:27,640 Let's get into this week's episode. 14 00:00:27,640 --> 00:00:28,600 What is up, everybody? 15 00:00:28,600 --> 00:00:33,040 Episode 36, I can still do it with two hands. 16 00:00:33,040 --> 00:00:34,400 Check me out. 17 00:00:34,400 --> 00:00:37,960 Today's topic is a important one, right? 18 00:00:37,960 --> 00:00:42,640 Life after reselling, your plans to basically transition out 19 00:00:42,640 --> 00:00:44,440 of reselling, because before the call today, 20 00:00:44,440 --> 00:00:46,360 me and John, if you were talking about it, 21 00:00:46,360 --> 00:00:49,280 can the used book guy continue to do this from the third floor 22 00:00:49,280 --> 00:00:51,120 when he's 70 years old? 23 00:00:51,120 --> 00:00:52,960 The answer is no, any way you look at it, 24 00:00:52,960 --> 00:00:55,600 even if I'm one of those old guys that is super ripped, 25 00:00:55,600 --> 00:00:58,280 it's a lot of moving, a lot of weight. 26 00:00:58,280 --> 00:01:00,800 So you got to kind of have a plan when it comes to getting 27 00:01:00,800 --> 00:01:03,880 out of reselling and almost it's different, right? 28 00:01:03,880 --> 00:01:05,560 Because you're your own business. 29 00:01:05,560 --> 00:01:09,640 So there's nobody, like there's no company match 401k. 30 00:01:09,640 --> 00:01:11,400 There's really no kind of retirement plans 31 00:01:11,400 --> 00:01:13,800 unless you take your own initiative and do it. 32 00:01:13,800 --> 00:01:16,100 And I do think a lot of people are just so caught up 33 00:01:16,100 --> 00:01:18,760 with just reselling that a lot of people don't have 34 00:01:18,760 --> 00:01:20,200 like an exit strategy. 35 00:01:20,200 --> 00:01:22,240 And I'm not saying, you can't resell 36 00:01:22,240 --> 00:01:25,840 until you're dead basically, because there is, 37 00:01:25,840 --> 00:01:27,140 it keeps a lot of people active. 38 00:01:27,140 --> 00:01:29,440 You can make a little bit of extra money doing this. 39 00:01:29,440 --> 00:01:31,840 But I do think it is important that you treat it 40 00:01:31,840 --> 00:01:34,040 like a business and you plan for the future. 41 00:01:34,040 --> 00:01:37,080 You can't always just be my sales today. 42 00:01:37,080 --> 00:01:38,320 This is how much I made today. 43 00:01:38,320 --> 00:01:39,600 What's your plan next year? 44 00:01:39,600 --> 00:01:42,440 What's your plan three years from now, five years from now, 45 00:01:42,440 --> 00:01:44,840 do you want to still be as involved in your business? 46 00:01:44,840 --> 00:01:47,280 Because if I'm not going out thrifting, 47 00:01:47,280 --> 00:01:49,120 then I have no inventory to sell. 48 00:01:49,120 --> 00:01:51,880 So like if something happens to me, then all of a sudden, 49 00:01:51,880 --> 00:01:54,800 hey, I'm kind of screwed where Johnny B is trying 50 00:01:54,800 --> 00:01:58,240 to build an operation where he scales his employees, 51 00:01:58,240 --> 00:02:00,600 he trains his employees, and then he kind of can step back 52 00:02:00,600 --> 00:02:01,440 out of the business. 53 00:02:01,440 --> 00:02:02,440 So I'm going to throw it over to you 54 00:02:02,440 --> 00:02:04,360 and just give me your insights on this. 55 00:02:05,200 --> 00:02:07,800 Yeah, I mean, I don't plan on doing this forever. 56 00:02:07,800 --> 00:02:09,740 Do I plan to have an eBay store forever? 57 00:02:09,740 --> 00:02:10,580 Yes, I do. 58 00:02:10,580 --> 00:02:13,400 But me being as hands-on as I am right now, no, 59 00:02:13,400 --> 00:02:16,560 I'll be taking a much, much step back. 60 00:02:16,560 --> 00:02:20,180 I'll probably find me a smart person and they'll be me. 61 00:02:20,180 --> 00:02:21,820 And they'll deal with all the stuff 62 00:02:21,820 --> 00:02:23,480 that I currently deal with now, 63 00:02:23,480 --> 00:02:25,560 plus more employees, honestly. 64 00:02:25,560 --> 00:02:27,360 So basically like your manager type person 65 00:02:27,360 --> 00:02:29,440 pay them very well, and then they manage 66 00:02:29,440 --> 00:02:31,440 all the little sub employees under you. 67 00:02:31,440 --> 00:02:34,880 Now you got to take stock of that person eventually 68 00:02:34,880 --> 00:02:38,580 wanting to leave themselves and or having to rehire employees 69 00:02:38,580 --> 00:02:39,740 that come and go. 70 00:02:39,740 --> 00:02:42,840 Because I've never met a person who wanted to work 71 00:02:42,840 --> 00:02:44,720 for a reseller that said, this is what I want to do 72 00:02:44,720 --> 00:02:47,160 for the rest of my life, I'm good. 73 00:02:47,160 --> 00:02:50,360 I don't know if that individual exists, but. 74 00:02:50,360 --> 00:02:52,640 I mean, if you pay them 50 bucks an hour, that might be, 75 00:02:52,640 --> 00:02:54,480 I mean, I might come work for you at that point 76 00:02:54,480 --> 00:02:56,360 and just close up shop. 77 00:02:56,360 --> 00:02:57,920 I mean, yeah, if the price is right, 78 00:02:57,920 --> 00:03:00,040 I mean, people will stay. 79 00:03:00,040 --> 00:03:02,920 Either they can't go any better, do any better 80 00:03:02,920 --> 00:03:05,400 either in their own heads, they perfectly can do better, 81 00:03:05,400 --> 00:03:07,760 honestly, but if they're comfortable enough 82 00:03:07,760 --> 00:03:09,560 and have no plans to do anything bigger, 83 00:03:09,560 --> 00:03:11,480 maybe you could have permanent staff 84 00:03:11,480 --> 00:03:13,400 and a permanent manager, certainly. 85 00:03:15,080 --> 00:03:17,820 But yeah, so when I get it up to that point, 86 00:03:17,820 --> 00:03:19,480 I don't know when it will happen. 87 00:03:19,480 --> 00:03:23,180 I'm probably 10 to 15 for myself is my guess, 88 00:03:23,180 --> 00:03:25,260 but again, it's a guess at that 89 00:03:25,260 --> 00:03:26,900 because the market's constantly changing, 90 00:03:26,900 --> 00:03:28,340 constantly in flux, right? 91 00:03:28,340 --> 00:03:32,540 So I got to adapt and adjust based off what it does. 92 00:03:32,540 --> 00:03:35,020 I do think we kind of been, 93 00:03:35,020 --> 00:03:37,300 I kind of been talking about this on the YouTube channel 94 00:03:37,300 --> 00:03:39,660 lately is I was trying to find a house 95 00:03:39,660 --> 00:03:42,460 so we can get some equity into real estate property. 96 00:03:42,460 --> 00:03:44,220 And I do think a lot of people, 97 00:03:44,220 --> 00:03:46,960 that's almost like the common theme 98 00:03:46,960 --> 00:03:49,300 with a lot of the bigger resellers is that 99 00:03:49,300 --> 00:03:50,780 they take their reselling money 100 00:03:50,780 --> 00:03:53,040 and put it into another venture 101 00:03:53,040 --> 00:03:54,560 that's gonna make them money. 102 00:03:54,560 --> 00:03:57,380 Not saying real estate is easier than reselling, 103 00:03:57,380 --> 00:04:02,380 but you have equity in those pieces of land, those houses, 104 00:04:02,700 --> 00:04:04,740 if you have your rental properties, things like that. 105 00:04:04,740 --> 00:04:05,980 I think that's kind of the trend 106 00:04:05,980 --> 00:04:08,980 that at least I've been seeing with a few resellers is that, 107 00:04:08,980 --> 00:04:11,700 hey, I wanna grow my business, make enough money, 108 00:04:11,700 --> 00:04:14,620 put some money in the real estate, get a little bit of, 109 00:04:14,620 --> 00:04:15,940 it's really not passive income, 110 00:04:15,940 --> 00:04:18,260 even though that's whatever YouTube video says, 111 00:04:18,260 --> 00:04:20,100 nothing's passive income in this world, right? 112 00:04:20,100 --> 00:04:21,980 Especially if you have a rental property, 113 00:04:21,980 --> 00:04:23,220 you're gonna have to fix things, 114 00:04:23,220 --> 00:04:24,980 deal with tenants, things like that. 115 00:04:24,980 --> 00:04:27,060 But I do think having something like that 116 00:04:27,060 --> 00:04:28,640 in your mind is important, right? 117 00:04:28,640 --> 00:04:31,820 Because if you just resell, resell, resell, resell, resell, 118 00:04:31,820 --> 00:04:33,580 you never think of like an exit plan, 119 00:04:33,580 --> 00:04:34,620 then that's all you're gonna do 120 00:04:34,620 --> 00:04:36,500 until you just get burned out. 121 00:04:36,500 --> 00:04:39,620 And all of a sudden you look at the watch 122 00:04:39,620 --> 00:04:42,180 and you ain't got no time left, right? 123 00:04:42,180 --> 00:04:44,780 That's the end of the trip for you. 124 00:04:44,780 --> 00:04:46,020 And I do think it is important 125 00:04:46,020 --> 00:04:48,500 that you just have this one thing 126 00:04:48,500 --> 00:04:50,500 or maybe another side hustle. 127 00:04:50,500 --> 00:04:52,220 And I could say mine is YouTube, right? 128 00:04:52,220 --> 00:04:55,100 Like, oh, I have another basically stream of income coming 129 00:04:55,100 --> 00:04:58,220 in and something else I can focus on that, you know, 130 00:04:58,220 --> 00:05:01,160 brings me joy, like I wouldn't do it if I hated doing it, 131 00:05:01,160 --> 00:05:03,300 but you should have something you're working towards. 132 00:05:03,300 --> 00:05:04,900 I'm just curious, you have like, 133 00:05:05,940 --> 00:05:07,540 this is getting real personal here, right? 134 00:05:07,540 --> 00:05:09,980 I'm gonna throw out a personal question. 135 00:05:09,980 --> 00:05:11,820 You have any retirement accounts at all? 136 00:05:11,820 --> 00:05:15,300 Like you have any kind of like 401k, anything? 137 00:05:15,300 --> 00:05:16,300 I don't care how much is in it. 138 00:05:16,300 --> 00:05:19,460 I'm just curious if you have any kind of retirement account. 139 00:05:19,460 --> 00:05:20,500 $10 billion. 140 00:05:20,500 --> 00:05:21,860 I don't really need to do reselling. 141 00:05:21,860 --> 00:05:23,740 I just do this for fun, no. 142 00:05:23,740 --> 00:05:25,220 No, I do have a Roth account. 143 00:05:25,220 --> 00:05:27,180 I have a regular IRA account 144 00:05:27,180 --> 00:05:32,180 and then I have actual physical tangible gold and silver. 145 00:05:32,540 --> 00:05:33,780 Okay, what's your address? 146 00:05:33,780 --> 00:05:36,760 I will be showing up wearing a bandana over my face 147 00:05:36,760 --> 00:05:38,900 and I'm taking your gold and silver. 148 00:05:38,900 --> 00:05:40,620 Well, I have insurance on it 149 00:05:40,620 --> 00:05:42,140 and it's at the bank locked up. 150 00:05:42,140 --> 00:05:46,260 So you're lucky to, I'll let you try to rob the bank, 151 00:05:46,260 --> 00:05:47,340 collect the insurance money. 152 00:05:47,340 --> 00:05:48,460 You think I'm a rookie? 153 00:05:48,460 --> 00:05:51,820 I've seen enough Netflix shows and cheesy action movies 154 00:05:51,820 --> 00:05:54,060 to know how to get in and out of banks undetected. 155 00:05:54,060 --> 00:05:57,300 All right, Chief, you ever see point break? 156 00:05:57,300 --> 00:05:59,940 Yeah, that's me. 157 00:05:59,940 --> 00:06:01,260 So I just think- 158 00:06:01,260 --> 00:06:03,140 I also saw Heat and they all died. 159 00:06:05,580 --> 00:06:06,420 I do think it is- 160 00:06:06,420 --> 00:06:08,500 We became 47s, they all died. 161 00:06:08,500 --> 00:06:11,420 It is important to like have something kind of 162 00:06:11,420 --> 00:06:14,020 to build, like they say, a nest egg, right? 163 00:06:14,020 --> 00:06:16,140 That's like such a cheesy, weird term. 164 00:06:16,140 --> 00:06:19,220 Like have a nest egg for like when you wanna retire 165 00:06:19,220 --> 00:06:22,020 and more people wanna retire earlier than ever, right? 166 00:06:22,020 --> 00:06:26,740 Used to be you work until you're 65, 67, and then you retire. 167 00:06:26,740 --> 00:06:27,980 I think in today's society, 168 00:06:27,980 --> 00:06:31,100 there's more people that wanna basically get out early, 169 00:06:31,100 --> 00:06:31,940 right? 170 00:06:31,940 --> 00:06:34,800 They don't wanna work until they're 65, 67 years old. 171 00:06:34,800 --> 00:06:38,080 And you do have to start making decisions today 172 00:06:38,080 --> 00:06:38,980 to plan for that. 173 00:06:38,980 --> 00:06:41,500 I know I'm 35 years old, 174 00:06:41,500 --> 00:06:44,860 basically another 30 years is what I'd be looking at, 175 00:06:44,860 --> 00:06:48,220 but small decisions today are gonna have a big impact 176 00:06:48,220 --> 00:06:50,060 on your future, whether that's putting $20 177 00:06:50,060 --> 00:06:53,580 into a retirement account every week, 178 00:06:53,580 --> 00:06:56,060 a hundred dollars a month, something like that. 179 00:06:56,060 --> 00:06:57,820 You gotta get the compound interest 180 00:06:57,820 --> 00:06:59,760 of things working in your favor. 181 00:06:59,760 --> 00:07:01,820 And that's why people like real estate, right? 182 00:07:01,820 --> 00:07:04,220 Because real estate only goes up. 183 00:07:04,220 --> 00:07:06,860 There's never, there's been a few points 184 00:07:06,860 --> 00:07:09,100 where real estate has really gone down in value. 185 00:07:09,100 --> 00:07:11,100 And if it has, it's come back up. 186 00:07:11,100 --> 00:07:12,620 It's kind of almost like the stock market. 187 00:07:12,620 --> 00:07:14,580 And that's what's appealing to everybody 188 00:07:14,580 --> 00:07:17,980 because you have your money in there, it's equity. 189 00:07:17,980 --> 00:07:19,700 If you sell the place, whatever happens, 190 00:07:19,700 --> 00:07:21,200 you can get your money back out of it 191 00:07:21,200 --> 00:07:23,060 almost guaranteed every single time. 192 00:07:23,060 --> 00:07:26,840 So I'm just curious, say if one person, you said like, 193 00:07:26,840 --> 00:07:29,940 you find this one superstar manager 194 00:07:29,940 --> 00:07:32,260 and they do everything you want them to do. 195 00:07:32,260 --> 00:07:34,820 You know this person is the person. 196 00:07:34,820 --> 00:07:37,260 Would you be fine with basically overpaying them 197 00:07:37,260 --> 00:07:38,880 to keep them to run your business? 198 00:07:38,880 --> 00:07:41,700 If you stepped back, like, you know, like what's the max 199 00:07:41,700 --> 00:07:43,940 you would pay somebody an hour 200 00:07:43,940 --> 00:07:46,660 if they were like your superstar person? 201 00:07:46,660 --> 00:07:48,980 I wouldn't even do a dollar, it'd be a salary. 202 00:07:49,980 --> 00:07:52,340 I would pay them a hundred thousand dollars a year. 203 00:07:54,260 --> 00:07:55,460 That would be it. 204 00:07:56,540 --> 00:07:57,580 With benefits? 205 00:07:59,620 --> 00:08:02,220 I can roll in benefits. 206 00:08:02,220 --> 00:08:03,780 If I'm paying them a hundred grand salary, 207 00:08:03,780 --> 00:08:06,860 I obviously have the money to roll in benefits with that. 208 00:08:06,860 --> 00:08:09,180 All right, now listen, I used to be a salaried worker 209 00:08:09,180 --> 00:08:10,900 and I got taken advantage of, right? 210 00:08:10,900 --> 00:08:13,100 They said I'm salaried to work 45 hours 211 00:08:13,100 --> 00:08:16,100 and I'd be working 60, so you can't be that person. 212 00:08:17,100 --> 00:08:17,940 No, I wouldn't. 213 00:08:17,940 --> 00:08:22,320 But if they paid $100,000 a year, they would work. 214 00:08:23,260 --> 00:08:25,380 I mean, that was more than I was making at CVS, 215 00:08:25,380 --> 00:08:27,780 so maybe they should work 80 hours a week. 216 00:08:27,780 --> 00:08:29,580 No, it's just curious. 217 00:08:29,580 --> 00:08:31,420 They would make sure the job was done 218 00:08:31,420 --> 00:08:33,860 and that's what the 100K plus the pennies would be for 219 00:08:33,860 --> 00:08:36,020 in my opinion, to make sure the job's done. 220 00:08:36,020 --> 00:08:38,860 Whether that's 20 hours a week or a hundred hours a week. 221 00:08:38,860 --> 00:08:40,740 Don't care, figure it out. 222 00:08:40,740 --> 00:08:43,780 If you want to work less, make it 20 hours a week, 223 00:08:43,780 --> 00:08:46,300 but figure out how to do that, don't care. 224 00:08:46,300 --> 00:08:48,940 All right, anybody out there looking to make 100K a year 225 00:08:48,940 --> 00:08:51,500 and work 20 hours a week and just text him once a week 226 00:08:51,500 --> 00:08:52,780 and say everything's fine? 227 00:08:52,780 --> 00:08:56,300 There you go, you know who to contact here. 228 00:08:56,300 --> 00:08:58,060 I would still have access to the books, Mike. 229 00:08:58,060 --> 00:09:00,860 I would know if it was working or not. 230 00:09:00,860 --> 00:09:03,420 All right, so my plan, right, 231 00:09:03,420 --> 00:09:05,820 give a little bit of insight, like I want to have a house, 232 00:09:05,820 --> 00:09:07,820 I want to pay it off, anybody that follows me, 233 00:09:07,820 --> 00:09:10,220 I try to steer clear of any kind of debt. 234 00:09:10,220 --> 00:09:13,340 So we're looking at putting a nice down payment on a house, 235 00:09:13,340 --> 00:09:16,460 paying it off early, then you don't have any mortgage 236 00:09:16,460 --> 00:09:18,260 expense, then all you're really worried about 237 00:09:18,260 --> 00:09:20,460 is your property tax or your utilities. 238 00:09:20,460 --> 00:09:23,500 During that time, we continue to put money in the retirement, 239 00:09:23,500 --> 00:09:25,660 keep the retirement fund growing over time. 240 00:09:25,660 --> 00:09:26,820 It's not exciting, right? 241 00:09:26,820 --> 00:09:28,500 You just put money in there, 242 00:09:28,500 --> 00:09:31,180 and it just grows a little bit at a time. 243 00:09:31,180 --> 00:09:33,420 Some months you win, some months you lose. 244 00:09:33,420 --> 00:09:35,380 And I think that's kind of the big issue 245 00:09:35,380 --> 00:09:38,180 with trying to plan that far ahead is like, 246 00:09:38,180 --> 00:09:40,420 there's no gratification today. 247 00:09:40,420 --> 00:09:41,860 There's really no excitement to it. 248 00:09:41,860 --> 00:09:44,020 It's almost as if you just wasted a hundred bucks 249 00:09:44,020 --> 00:09:46,660 by putting it in there, but in reality, 250 00:09:46,660 --> 00:09:49,980 that could change your life if you do it consistently. 251 00:09:49,980 --> 00:09:53,860 Yeah, for me, I'm gonna be rolling my eBay money into, 252 00:09:53,860 --> 00:09:56,100 yes, real estate money, surprise, surprise. 253 00:09:56,100 --> 00:09:58,460 But I'm probably gonna go the commercial property route 254 00:09:58,460 --> 00:10:03,260 like storage units and or garages and stuff 255 00:10:03,260 --> 00:10:05,260 and rent those out and thus generating 256 00:10:05,260 --> 00:10:07,380 the passive income that's mentioned. 257 00:10:07,380 --> 00:10:09,700 I don't think I would wanna do the housing thing 258 00:10:09,700 --> 00:10:13,300 and deal with rotating renters and or moving the crap 259 00:10:13,300 --> 00:10:14,700 when they leave it behind. 260 00:10:14,700 --> 00:10:16,780 Now saying can be said for commercial property, right? 261 00:10:16,780 --> 00:10:18,180 Now I gotta move some cars. 262 00:10:18,180 --> 00:10:19,180 No, how do I do that? 263 00:10:19,180 --> 00:10:21,140 Where's the forklift, right? 264 00:10:21,140 --> 00:10:24,740 But no, and storage units, same problem. 265 00:10:24,740 --> 00:10:26,500 They leave their crap there when they don't pay. 266 00:10:26,500 --> 00:10:28,060 But hey, I could resell their crap, right? 267 00:10:28,060 --> 00:10:31,700 There's that too, free cost of goods. 268 00:10:31,700 --> 00:10:35,100 Free clickbait YouTube resell. 269 00:10:35,100 --> 00:10:36,900 It would be like storage wars, right? 270 00:10:36,900 --> 00:10:39,300 You could go in, you could put a gold bar in there 271 00:10:39,300 --> 00:10:42,180 and then, oh my God, look what this person left behind. 272 00:10:42,180 --> 00:10:45,380 You know, he's just like a huge handful of gold. 273 00:10:45,380 --> 00:10:48,020 It is good to have like this idea. 274 00:10:48,020 --> 00:10:51,100 And I do think like, as when you're self-employed, 275 00:10:51,100 --> 00:10:53,380 there's really like, at least for me when I was at CBS, 276 00:10:53,380 --> 00:10:55,500 it was like, hey, we match 5%. 277 00:10:55,500 --> 00:10:57,340 So you're automatically gonna put that in, right? 278 00:10:57,340 --> 00:11:00,620 But when you're self-employed, it takes self-initiative, right? 279 00:11:00,620 --> 00:11:03,140 To do these things, to save money, 280 00:11:03,140 --> 00:11:05,580 to work towards your goals, whether that's a house, 281 00:11:05,580 --> 00:11:07,580 get out of debt, anything like that. 282 00:11:07,580 --> 00:11:09,780 And that is part of the game here, right? 283 00:11:09,780 --> 00:11:12,900 If your future plans, what you're doing reselling for 284 00:11:12,900 --> 00:11:15,820 right now, you're working towards your future plans. 285 00:11:15,820 --> 00:11:18,140 I don't know anybody that just resells, 286 00:11:18,140 --> 00:11:20,220 that is just like, I just spend all this money 287 00:11:20,220 --> 00:11:23,900 on whatever, I just blow all this money at the casino, right? 288 00:11:23,900 --> 00:11:26,700 It's always somebody that is either, you know, 289 00:11:26,700 --> 00:11:28,580 doing this full-time, paying their bills, 290 00:11:28,580 --> 00:11:30,420 working on debt, saving money. 291 00:11:30,420 --> 00:11:32,100 There's really nobody out there, at least that I know of, 292 00:11:32,100 --> 00:11:35,620 that's just like, well, we made $500 this week on eBay. 293 00:11:35,620 --> 00:11:37,460 I'll see you guys at the casino floor, right? 294 00:11:37,460 --> 00:11:39,100 And then boom, they cut their video over 295 00:11:39,100 --> 00:11:41,140 and they're at the casino floor playing blackjack 296 00:11:41,140 --> 00:11:41,980 with the money they made. 297 00:11:41,980 --> 00:11:43,540 It doesn't exist. 298 00:11:43,540 --> 00:11:44,980 No, no. 299 00:11:44,980 --> 00:11:47,500 And even in the real estate game, 300 00:11:47,500 --> 00:11:49,700 I would probably have a property manager 301 00:11:49,700 --> 00:11:51,780 at the end of the day, honestly. 302 00:11:51,780 --> 00:11:53,900 And again, I'm taking a lesser role at that point 303 00:11:53,900 --> 00:11:55,420 because I'm older at this point. 304 00:11:55,420 --> 00:11:58,340 See this beautiful, dirty blonde hair, 305 00:11:58,340 --> 00:12:01,460 it would all be gray and white by this point probably. 306 00:12:01,460 --> 00:12:04,860 And I'd have a cane like Scrooge McDuck, it'd be great. 307 00:12:04,860 --> 00:12:08,940 I think you should go full on, you know, peroxide blonde. 308 00:12:08,940 --> 00:12:10,300 Billy Idol style. 309 00:12:10,300 --> 00:12:12,780 I've rocked Billy back in the day in my early 20s 310 00:12:12,780 --> 00:12:14,580 when I thought I was cool. 311 00:12:14,580 --> 00:12:16,260 So yeah, I could do it again. 312 00:12:16,260 --> 00:12:17,860 You say, it's what I'm saying. 313 00:12:19,100 --> 00:12:21,300 Become over Billy Idol, yeah, it'd be great. 314 00:12:22,300 --> 00:12:25,340 So everybody has this thing they're working towards today, 315 00:12:25,340 --> 00:12:28,900 basically their future, their way to get out of reselling, 316 00:12:28,900 --> 00:12:31,060 whether you realize that or not, 317 00:12:31,060 --> 00:12:32,820 if you're working towards paying off debts, 318 00:12:32,820 --> 00:12:33,660 that counts, right? 319 00:12:33,660 --> 00:12:35,700 You know, you wanna get debt free, that can change your life. 320 00:12:35,700 --> 00:12:38,500 If you're working towards saving for a vacation, 321 00:12:38,500 --> 00:12:39,340 that counts, right? 322 00:12:39,340 --> 00:12:40,940 You're working on paying for a vacation 323 00:12:40,940 --> 00:12:42,460 all out of your pocket. 324 00:12:42,460 --> 00:12:43,780 Can't be beat when you have something 325 00:12:43,780 --> 00:12:45,020 along those lines as well. 326 00:12:45,020 --> 00:12:46,580 So everybody has this thing, 327 00:12:46,580 --> 00:12:48,500 but I just want people to start thinking about, 328 00:12:48,500 --> 00:12:51,260 you don't have to resell your whole life. 329 00:12:51,260 --> 00:12:54,300 And I think Johnny B's, you know, you hear it a lot 330 00:12:54,300 --> 00:12:57,340 is you build up and then you step back from your business. 331 00:12:57,340 --> 00:12:59,700 And what he's doing, that's probably the way 332 00:12:59,700 --> 00:13:01,820 where you keep your reselling business, 333 00:13:01,820 --> 00:13:04,980 but you're not actively out on thrift stores like I am, right? 334 00:13:04,980 --> 00:13:06,820 I would basically have to, you know, 335 00:13:06,820 --> 00:13:08,460 he's already a few steps ahead of me. 336 00:13:08,460 --> 00:13:10,500 He's got employees, he's got a plan in place. 337 00:13:10,500 --> 00:13:12,660 If I wanted to go that route, 338 00:13:12,660 --> 00:13:15,220 it would be a much more of a headache because I do Amazon. 339 00:13:15,220 --> 00:13:16,740 So I would need scouting. 340 00:13:16,740 --> 00:13:18,300 And it'd be a whole different thing, 341 00:13:18,300 --> 00:13:20,660 but it's just pick and choose what you wanna do. 342 00:13:20,660 --> 00:13:22,340 And for him, that's what he wants to do. 343 00:13:22,340 --> 00:13:25,180 For me, I'm perfectly fine doing what I'm doing 344 00:13:25,180 --> 00:13:27,580 and just working towards my goals of getting the house, 345 00:13:27,580 --> 00:13:30,500 paying off a house, putting a lot of money in retirement. 346 00:13:30,500 --> 00:13:31,340 So me and Deb, you know, 347 00:13:31,340 --> 00:13:34,220 we don't have to keep doing this all the time. 348 00:13:34,220 --> 00:13:36,180 And, you know, Deb's the same way. 349 00:13:36,180 --> 00:13:38,500 She has her own business, full-time hours. 350 00:13:38,500 --> 00:13:41,060 She does more hours than I do every single week. 351 00:13:41,060 --> 00:13:42,980 And, you know, you guys don't see it, 352 00:13:42,980 --> 00:13:46,260 but she has a full, you know, full grown brand, you know, 353 00:13:46,260 --> 00:13:48,020 selling cat and dog toys. 354 00:13:48,020 --> 00:13:50,860 And it's something that took years to build it there. 355 00:13:50,860 --> 00:13:54,180 And you almost can waste the opportunity 356 00:13:54,180 --> 00:13:56,860 because if you are in a situation where, 357 00:13:56,860 --> 00:13:59,020 say you have a great, the rest of the year, Johnny, 358 00:13:59,020 --> 00:14:02,140 you just, you know, you do 500 grand in sales. 359 00:14:02,140 --> 00:14:05,660 Well, you never really had that type of income 360 00:14:05,660 --> 00:14:07,380 coming into this point. 361 00:14:07,380 --> 00:14:09,940 And then maybe you just get a little bit crazy 362 00:14:09,940 --> 00:14:12,300 with the money and make decisions you otherwise 363 00:14:12,300 --> 00:14:14,340 wouldn't have made because all of a sudden 364 00:14:14,340 --> 00:14:16,380 you have this influx of income. 365 00:14:16,380 --> 00:14:20,180 So as you grow, as you get this extra money, 366 00:14:20,180 --> 00:14:22,180 you have to dedicate it to something 367 00:14:22,180 --> 00:14:23,860 that's gonna give you some kind of return. 368 00:14:23,860 --> 00:14:26,060 I'm not saying you can't go out and do fun things, 369 00:14:26,060 --> 00:14:27,700 but I'm saying you can't just go to the casino 370 00:14:27,700 --> 00:14:29,100 and blow all your eBay money, right? 371 00:14:29,100 --> 00:14:30,380 That's just, that's not gonna work. 372 00:14:30,380 --> 00:14:32,140 Your business, it's not sustainable 373 00:14:32,140 --> 00:14:33,900 because you're buying these items to resell. 374 00:14:33,900 --> 00:14:36,100 So you're losing money at the end of the day. 375 00:14:36,100 --> 00:14:38,300 You gotta really think about, you've been doing this 376 00:14:38,300 --> 00:14:40,740 for years, you're making X amount of dollars. 377 00:14:40,740 --> 00:14:44,140 Where exactly are those dollars going after you make them? 378 00:14:46,100 --> 00:14:49,300 Oh, they go into what I call infrastructure, 379 00:14:49,300 --> 00:14:50,580 which includes people. 380 00:14:50,580 --> 00:14:52,700 So either cost of goods. 381 00:14:54,220 --> 00:14:55,940 I mean, we're talking outside the bills here. 382 00:14:55,940 --> 00:14:57,300 Yeah. 383 00:14:57,300 --> 00:15:01,460 So cost of goods, employees or employee at this point. 384 00:15:04,140 --> 00:15:07,380 The actual storage housing things, my bricks and boards, 385 00:15:07,380 --> 00:15:10,580 which I've switched over to instead of buying gigantic, 386 00:15:10,580 --> 00:15:14,900 way too expensive bookcases and or longer trips 387 00:15:14,900 --> 00:15:16,300 to go out in source more. 388 00:15:16,300 --> 00:15:18,980 So I did a California run that was expensive, 389 00:15:18,980 --> 00:15:21,100 but well worth it, but I got a lot out of it. 390 00:15:21,100 --> 00:15:22,420 It enabled me to do that. 391 00:15:24,380 --> 00:15:27,500 You have like an emergency fund for your reselling business? 392 00:15:27,500 --> 00:15:28,340 Yeah, I do. 393 00:15:28,340 --> 00:15:30,100 I also, I have several accounts. 394 00:15:30,100 --> 00:15:31,020 I have a tax account. 395 00:15:31,020 --> 00:15:33,540 First of all, I have a savings account 396 00:15:33,540 --> 00:15:35,700 where I assign a certain percentage to go into, 397 00:15:35,700 --> 00:15:37,540 same with the tax. 398 00:15:37,540 --> 00:15:42,140 Then I have the main account, 399 00:15:42,140 --> 00:15:43,660 which I use for cost of goods, 400 00:15:43,660 --> 00:15:46,180 but I assign an allowance to myself 401 00:15:46,180 --> 00:15:48,100 and I usually withdraw that allowance 402 00:15:48,100 --> 00:15:49,020 at the beginning of the month. 403 00:15:49,020 --> 00:15:50,700 If I don't spend it, I put it back in. 404 00:15:50,700 --> 00:15:52,820 If I do spend it, well, there was my allowance 405 00:15:52,820 --> 00:15:54,420 for the month for cost of goods. 406 00:15:56,660 --> 00:15:59,580 And anything left over, I just let it sit in the main account 407 00:15:59,580 --> 00:16:01,340 just in case of a rainy day. 408 00:16:01,340 --> 00:16:04,020 Well, we didn't sell as much this month, that happens. 409 00:16:04,020 --> 00:16:05,700 I mean, we're, in my opinion, 410 00:16:05,700 --> 00:16:07,340 this is the worst time to be selling, 411 00:16:07,340 --> 00:16:09,260 at least in my category, books on eBay, 412 00:16:09,260 --> 00:16:11,140 but it's doing all right. 413 00:16:12,220 --> 00:16:13,900 Accounting for an unforeseeable cost. 414 00:16:13,900 --> 00:16:16,620 Let's say my engine in my truck goes out, right? 415 00:16:16,620 --> 00:16:20,100 Well, either I need a replaceable engine, which is expensive, 416 00:16:20,100 --> 00:16:23,420 or buy a brand new vehicle, which is more expensive, maybe. 417 00:16:24,540 --> 00:16:25,900 Cars are weird, but anyway. 418 00:16:27,660 --> 00:16:29,260 Accounting for any and all unforeseeables 419 00:16:29,260 --> 00:16:30,540 just right after the year. 420 00:16:30,540 --> 00:16:32,660 And then once the year is done, tax is all paid up, 421 00:16:32,660 --> 00:16:34,100 okay, now I have this much, 422 00:16:34,100 --> 00:16:37,020 and then I would analyze what piece, 423 00:16:37,020 --> 00:16:38,820 what additional infrastructure do I want? 424 00:16:38,820 --> 00:16:40,380 Do I want a second employee? 425 00:16:40,380 --> 00:16:42,460 Do I want to move to a different warehouse? 426 00:16:42,460 --> 00:16:46,060 Maybe I want two employees or three, et cetera, et cetera. 427 00:16:46,060 --> 00:16:47,660 So holding out, that's the hard, 428 00:16:47,660 --> 00:16:49,260 I think that's the hardest part, is holding out, 429 00:16:49,260 --> 00:16:50,620 because you got this money, right? 430 00:16:50,620 --> 00:16:51,980 What do I do with the money? 431 00:16:51,980 --> 00:16:53,380 It's really tempting to spend it right away. 432 00:16:53,380 --> 00:16:55,420 Me, I'll sit on it and wait. 433 00:16:55,420 --> 00:16:56,980 My plans were this for the year, 434 00:16:56,980 --> 00:16:59,020 not modifying my plans till the end of the year. 435 00:16:59,020 --> 00:17:00,300 They're this. 436 00:17:00,300 --> 00:17:04,900 Do you think more resellers, either eBay or Amazon, 437 00:17:04,900 --> 00:17:08,100 do you think more people do this to have fun money 438 00:17:08,100 --> 00:17:10,540 or to have purposeful money? 439 00:17:11,500 --> 00:17:12,340 Neither. 440 00:17:12,340 --> 00:17:14,420 I think they do it to pay their base bills. 441 00:17:14,420 --> 00:17:17,700 We're talking about people that are in this full-time, yeah? 442 00:17:17,700 --> 00:17:19,940 Either or, I mean, either or, it doesn't matter. 443 00:17:19,940 --> 00:17:22,460 In that case, yeah, I'm sure people do it 444 00:17:22,460 --> 00:17:24,260 with just fun money, even in our group, 445 00:17:24,260 --> 00:17:26,900 we have people that use this just for their fun money, 446 00:17:26,900 --> 00:17:29,300 to go on cruises or to eat out 447 00:17:29,300 --> 00:17:31,380 or go on one to two trips a year. 448 00:17:31,380 --> 00:17:34,020 This funds all of that for them, full for them. 449 00:17:34,020 --> 00:17:34,980 For the full-time people, 450 00:17:34,980 --> 00:17:37,860 I think they're trying to pay their base bills, 451 00:17:37,860 --> 00:17:41,420 and then some, and hopefully they can get out at the end. 452 00:17:41,420 --> 00:17:42,860 By the end, I mean, like what we're talking about, 453 00:17:42,860 --> 00:17:44,580 retirement, whatever. 454 00:17:44,580 --> 00:17:49,580 So I don't even, and you got a small group of people 455 00:17:50,860 --> 00:17:52,700 who wanna do something grandiose, 456 00:17:54,300 --> 00:17:56,420 and they usually have a big bankroll to begin with, 457 00:17:56,420 --> 00:17:58,260 those kind of people usually, 458 00:17:58,260 --> 00:18:01,900 and they're trying to build a gigantic warehouse 459 00:18:01,900 --> 00:18:06,700 and or do huge numbers on like with OA and stuff or RA, 460 00:18:06,700 --> 00:18:09,940 and they're an interesting breed in themselves. 461 00:18:09,940 --> 00:18:12,940 They're just different types of people in this business. 462 00:18:15,260 --> 00:18:18,780 And then, yeah, I mean, I think by and large, 463 00:18:18,780 --> 00:18:20,180 if you're in this full-time, 464 00:18:20,180 --> 00:18:23,660 you're trying to replace your full-time job 465 00:18:23,660 --> 00:18:25,620 or you have replaced your full-time job, 466 00:18:25,620 --> 00:18:28,940 and you're trying to reposition yourself 467 00:18:28,940 --> 00:18:32,740 to get out of what reselling is providing you right now, 468 00:18:32,740 --> 00:18:34,660 that seems to be the hard struggle. 469 00:18:34,660 --> 00:18:37,900 Like how do I get beyond the stuck point? 470 00:18:37,900 --> 00:18:40,940 And you gotta either change your business up 471 00:18:40,940 --> 00:18:43,540 or realize that it is a very much long-term game 472 00:18:43,540 --> 00:18:44,580 and not a short-term game. 473 00:18:44,580 --> 00:18:48,020 It just takes time, but a lot of people don't like to wait. 474 00:18:49,020 --> 00:18:51,100 I'm not saying the right or wrong, 475 00:18:51,100 --> 00:18:52,820 but sometimes you gotta wait. 476 00:18:54,300 --> 00:18:56,380 I do think you're right, like what you said. 477 00:18:56,380 --> 00:18:58,060 Like this, people look at this 478 00:18:58,060 --> 00:19:01,460 as probably like the toughest time reselling has been, 479 00:19:01,460 --> 00:19:02,500 especially for media. 480 00:19:02,500 --> 00:19:04,180 So like it's one of those things 481 00:19:04,180 --> 00:19:05,740 where there's a lot of negativity out there 482 00:19:05,740 --> 00:19:06,580 around reselling, 483 00:19:06,580 --> 00:19:08,940 but I just want people to kind of take a step back 484 00:19:08,940 --> 00:19:11,660 and look at like when you first started reselling, 485 00:19:11,660 --> 00:19:14,340 you know, when you barely had any time 486 00:19:14,340 --> 00:19:16,340 to put in the reselling, when you're working a long day 487 00:19:16,340 --> 00:19:17,900 and then you go to the thrift store afterwards 488 00:19:17,900 --> 00:19:20,020 because it excited you. 489 00:19:20,020 --> 00:19:21,700 And if you have an end goal, 490 00:19:21,700 --> 00:19:24,140 I think you always kind of keep that excitement, right? 491 00:19:24,140 --> 00:19:28,940 If Deb wants to have a beach house in Costa Rica, right? 492 00:19:28,940 --> 00:19:31,460 Like every day she gets an order, she thinks to herself, 493 00:19:31,460 --> 00:19:33,820 well, there was another dime out of that order 494 00:19:33,820 --> 00:19:36,660 that's going to my Costa Rican beach house. 495 00:19:36,660 --> 00:19:39,140 And I do think having something like that 496 00:19:39,140 --> 00:19:43,260 motivates you more to kind of do what you're supposed to do. 497 00:19:43,260 --> 00:19:46,660 But I will say there's a lot of people that I know 498 00:19:46,660 --> 00:19:50,860 just don't have an exit plan when it comes to work 499 00:19:50,860 --> 00:19:51,780 and work in general, 500 00:19:51,780 --> 00:19:53,860 whether it's reselling or just your normal job, 501 00:19:53,860 --> 00:19:57,300 there's no kind of strategy to think ahead. 502 00:19:57,300 --> 00:20:00,340 And I know it's tough to think in the future 503 00:20:00,340 --> 00:20:01,940 because you don't know what you're gonna want 504 00:20:01,940 --> 00:20:04,180 a year from now rather yet 10 years from now. 505 00:20:04,180 --> 00:20:06,460 But if you just have that kind of slush fund of money 506 00:20:06,460 --> 00:20:08,620 where you can say, all right, well, I wanna do this. 507 00:20:08,620 --> 00:20:11,020 Well, if that changes to something else, it's still there. 508 00:20:11,020 --> 00:20:13,860 And I do think it is important to just financially 509 00:20:13,860 --> 00:20:15,500 start thinking about down the road, 510 00:20:15,500 --> 00:20:17,380 like what are you gonna do? 511 00:20:17,380 --> 00:20:19,260 What's your business gonna look like? 512 00:20:19,260 --> 00:20:21,020 What's your retirement gonna look like? 513 00:20:21,020 --> 00:20:23,700 Don't get caught up in today's moment 514 00:20:23,700 --> 00:20:26,700 because there's gonna be how many more todays in your life. 515 00:20:26,700 --> 00:20:29,020 So you gotta start thinking, just think down the road. 516 00:20:29,020 --> 00:20:32,740 And I would challenge people to get involved with, 517 00:20:32,740 --> 00:20:36,540 thinking about retirement, maybe open up a cheap account. 518 00:20:36,540 --> 00:20:39,820 You just look at how crazy the crypto thing was, right? 519 00:20:39,820 --> 00:20:42,940 I don't own any crypto, but these people, 520 00:20:42,940 --> 00:20:44,300 they put a little bit of money in something, 521 00:20:44,300 --> 00:20:45,300 it went up, it went down. 522 00:20:45,300 --> 00:20:47,820 Some people won, some people lost. 523 00:20:47,820 --> 00:20:50,820 You can do a more safer thing when it comes to mutual funds 524 00:20:50,820 --> 00:20:51,640 and things like that. 525 00:20:51,640 --> 00:20:52,820 I'm not a financial advisor, 526 00:20:52,820 --> 00:20:55,700 but over time the stock market continually goes up. 527 00:20:55,700 --> 00:20:58,180 It's just common sense to put your money in 528 00:20:58,180 --> 00:20:59,220 and let it sit. 529 00:20:59,220 --> 00:21:00,860 And that is another thing, right? 530 00:21:00,860 --> 00:21:02,820 When you have a big chunk of money, right? 531 00:21:02,820 --> 00:21:03,660 You're sitting in the bank, 532 00:21:03,660 --> 00:21:05,620 say you got 50K sitting there, 533 00:21:05,620 --> 00:21:08,460 and all of a sudden you get a notification on your phone, 534 00:21:08,460 --> 00:21:09,300 right? 535 00:21:09,300 --> 00:21:11,960 You haven't touched this 50 grand, it's been 10 years. 536 00:21:11,960 --> 00:21:14,140 You get a notification on your phone, 537 00:21:14,140 --> 00:21:16,740 oh, Lamborghini is available for 50,000. 538 00:21:16,740 --> 00:21:19,240 I've always wanted a Lamborghini. 539 00:21:19,240 --> 00:21:21,660 You have to kind of turn your head the other way 540 00:21:21,660 --> 00:21:23,020 and think to the future, right? 541 00:21:23,020 --> 00:21:25,820 Just because it's something you want today, 542 00:21:25,820 --> 00:21:28,660 it might not benefit you in the way you think it does, right? 543 00:21:28,660 --> 00:21:31,580 And I'm not saying don't have a dream car, right? 544 00:21:31,580 --> 00:21:33,940 If you wanna have a dream car, go for it. 545 00:21:33,940 --> 00:21:37,660 But just make smart decisions around these big decisions 546 00:21:37,660 --> 00:21:39,380 if you have a reselling business 547 00:21:39,380 --> 00:21:42,140 and you're looking for an exit strategy. 548 00:21:42,140 --> 00:21:43,340 I don't think very many books 549 00:21:43,340 --> 00:21:45,700 fit in the back of a Lambo, I'm just saying. 550 00:21:45,700 --> 00:21:47,080 You're not doing it for the books, 551 00:21:47,080 --> 00:21:49,380 you're just doing it to have it, dude. 552 00:21:49,380 --> 00:21:50,820 I know, I'm teasing. 553 00:21:50,820 --> 00:21:52,460 Now, for those unaware, 554 00:21:52,460 --> 00:21:55,620 if you just do a simple Google search 555 00:21:55,620 --> 00:21:58,980 for retirement plans for self-employed people 556 00:21:58,980 --> 00:22:01,860 and use the irs.gov link, 557 00:22:01,860 --> 00:22:05,340 don't all the other crap links, don't look on those, 558 00:22:05,340 --> 00:22:07,740 but the one from the actual irs.gov, 559 00:22:07,740 --> 00:22:09,340 that'll help you plan your taxes 560 00:22:09,340 --> 00:22:11,060 and know what you're getting into for 561 00:22:13,900 --> 00:22:15,940 what kind of savings things you want. 562 00:22:15,940 --> 00:22:17,340 If you want something beyond a general 563 00:22:17,340 --> 00:22:19,220 just savings account at the bank, of course, 564 00:22:19,220 --> 00:22:22,380 you put your money in money, in gold and silver, of course. 565 00:22:22,380 --> 00:22:23,660 So they got, what do they got here? 566 00:22:23,660 --> 00:22:26,540 They call simplified employee pension. 567 00:22:26,540 --> 00:22:28,740 So yeah, you can set up a pension plan for yourself. 568 00:22:28,740 --> 00:22:31,420 It's abbreviated SEP, SEP. 569 00:22:31,420 --> 00:22:33,140 You can get a 401k plan. 570 00:22:33,140 --> 00:22:35,900 You can have savings that's had a sensitive match 571 00:22:35,900 --> 00:22:38,020 for employees. 572 00:22:38,020 --> 00:22:40,860 So if I wanted to do a savings account, 573 00:22:40,860 --> 00:22:43,340 401k for my employees, I could offer one. 574 00:22:45,380 --> 00:22:47,580 And there's contributions to five benefits 575 00:22:47,580 --> 00:22:49,740 and some other things as well, 576 00:22:49,740 --> 00:22:51,900 but you can start looking into things like taxes. 577 00:22:51,900 --> 00:22:52,900 What does it mean for that? 578 00:22:52,900 --> 00:22:54,460 Cause with those things comes taxes. 579 00:22:54,460 --> 00:22:56,660 You want to pay money when you put your money 580 00:22:56,660 --> 00:22:57,860 into investment or at the end. 581 00:22:57,860 --> 00:22:59,660 Well, you can do some research and figure that out. 582 00:22:59,660 --> 00:23:03,500 Again, just like Mike, I'm also not a legal tax advisor. 583 00:23:03,500 --> 00:23:05,140 So I'm not going to tell you anything 584 00:23:05,140 --> 00:23:07,900 other than go to irs.gov and do some research 585 00:23:07,900 --> 00:23:08,940 from Uncle Sam. 586 00:23:08,940 --> 00:23:09,780 Come back. 587 00:23:11,500 --> 00:23:12,620 Keep panning for gold. 588 00:23:12,620 --> 00:23:14,700 Johnny, keep panning for gold down there. 589 00:23:16,020 --> 00:23:17,460 That's what he does with all his eBay money. 590 00:23:17,460 --> 00:23:19,780 He buys like a, what are they called? 591 00:23:19,780 --> 00:23:20,980 Like a sluice machine. 592 00:23:20,980 --> 00:23:22,940 And he just, you know, he just pans for gold 593 00:23:22,940 --> 00:23:24,300 out back in the yard somewhere. 594 00:23:24,300 --> 00:23:25,340 That's his retirement. 595 00:23:25,340 --> 00:23:27,780 Yeah, my eBay just funds my gold mining operation. 596 00:23:27,780 --> 00:23:29,620 That's what that's about. 597 00:23:29,620 --> 00:23:31,980 But I do think like, that's a good point, right? 598 00:23:31,980 --> 00:23:35,340 Maybe you have, maybe reselling is just a stepping stone. 599 00:23:35,340 --> 00:23:36,180 Right? 600 00:23:36,180 --> 00:23:38,860 So I really want to have a landscaping company say, 601 00:23:38,860 --> 00:23:41,980 so my eBay money goes into a pile 602 00:23:41,980 --> 00:23:45,300 that's for my landscaping company to buy maybe a mower 603 00:23:45,300 --> 00:23:48,180 or to hire somebody or for advertising. 604 00:23:48,180 --> 00:23:50,260 Kind of like what I do with my eBay money 605 00:23:50,260 --> 00:23:51,340 is my Amazon money. 606 00:23:51,340 --> 00:23:55,580 Anything I make on eBay goes to fund purchases for Amazon. 607 00:23:55,580 --> 00:23:56,740 It's the same thing. 608 00:23:56,740 --> 00:23:59,220 You just basically have a completely different business 609 00:23:59,220 --> 00:24:02,300 that maybe, you know, people like switching things up, right? 610 00:24:02,300 --> 00:24:03,580 People don't want to resell their whole life. 611 00:24:03,580 --> 00:24:04,420 Maybe they're just like, 612 00:24:04,420 --> 00:24:05,420 well, I'm going to make a little bit of money, 613 00:24:05,420 --> 00:24:06,700 see how I like this. 614 00:24:06,700 --> 00:24:08,260 You wind up not liking it all of a sudden, 615 00:24:08,260 --> 00:24:09,940 you want to pressure wash in business. 616 00:24:09,940 --> 00:24:11,220 And you say, all right, well, I'm going to take 617 00:24:11,220 --> 00:24:12,620 every dollar I make from eBay, 618 00:24:12,620 --> 00:24:15,020 put it into my new business venture. 619 00:24:15,020 --> 00:24:17,260 And just even that kind of thought process 620 00:24:17,260 --> 00:24:18,660 is going to motivate you to do more. 621 00:24:18,660 --> 00:24:20,780 And I think that's what it boils down to at the end of the day. 622 00:24:20,780 --> 00:24:24,540 This whole call is if you have an end game and end plan, 623 00:24:24,540 --> 00:24:27,500 the steps to get there are going to keep you motivated today 624 00:24:27,500 --> 00:24:30,220 to do things the right way and keep focused 625 00:24:30,220 --> 00:24:32,460 and just build your business. 626 00:24:33,420 --> 00:24:35,140 Right, and take myself for instance, 627 00:24:35,140 --> 00:24:38,700 I don't have to work the extreme hours that I do 628 00:24:40,220 --> 00:24:42,820 if I didn't have lofty goals in mind. 629 00:24:42,820 --> 00:24:46,500 And I only mention that because I could live comfortably. 630 00:24:46,500 --> 00:24:49,220 I wouldn't have to adjust myself. 631 00:24:49,220 --> 00:24:51,740 I could have stayed at my fancy corporate job 632 00:24:51,740 --> 00:24:54,060 and in this part time and did all right. 633 00:24:54,060 --> 00:24:57,980 But I mean, like I want to throw some money to the folks 634 00:24:57,980 --> 00:25:00,140 because if you guys have never looked into 635 00:25:00,140 --> 00:25:03,500 how much taking care of old people costs, it's expensive. 636 00:25:03,500 --> 00:25:05,540 Especially as they get weaker and weaker 637 00:25:05,540 --> 00:25:07,540 and more ailments, more ailments. 638 00:25:07,540 --> 00:25:10,020 I think it's upwards of like 250 a day 639 00:25:10,020 --> 00:25:11,660 for personal home care. 640 00:25:11,660 --> 00:25:14,180 Because neither one of them wants to go to retirement home. 641 00:25:14,180 --> 00:25:16,380 And I don't blame you, if you've ever been in one of those, 642 00:25:16,380 --> 00:25:20,580 that's basically old people jail and not the good kind. 643 00:25:20,580 --> 00:25:24,460 If you got somebody nursing home, okay, maybe I'll take it. 644 00:25:24,460 --> 00:25:26,020 No, I won't take it, it's terrible. 645 00:25:26,020 --> 00:25:27,900 Dude, some of those places are nice. 646 00:25:27,900 --> 00:25:31,140 Yeah, I mean, maybe. 647 00:25:31,140 --> 00:25:33,340 Nicer than my apartment, they probably got pools, 648 00:25:33,340 --> 00:25:34,660 dominoes night, you know, 649 00:25:34,660 --> 00:25:37,580 I could probably make some new friends and everything. 650 00:25:37,580 --> 00:25:40,500 But I do think like even something like that, right? 651 00:25:40,500 --> 00:25:42,380 Even if you just have this business to say, 652 00:25:42,380 --> 00:25:44,900 hey, I want to be able to take care of my parents, 653 00:25:44,900 --> 00:25:46,340 take care of a family member. 654 00:25:46,340 --> 00:25:48,660 Take care of a friend, anything like that. 655 00:25:48,660 --> 00:25:49,620 You're going to be more motivated. 656 00:25:49,620 --> 00:25:51,980 It's almost like your business has a purpose. 657 00:25:51,980 --> 00:25:54,980 If you just resell to resell, you're just lost in the sauce. 658 00:25:54,980 --> 00:25:57,180 You have no kind of purpose of what you're doing. 659 00:25:57,180 --> 00:25:58,020 You're just doing it. 660 00:25:58,020 --> 00:26:00,420 And then what happens is you stop doing it 661 00:26:00,420 --> 00:26:03,620 or you don't do it the right way because who cares, right? 662 00:26:03,620 --> 00:26:04,780 I just resell to resell. 663 00:26:04,780 --> 00:26:07,380 Like that's just, you don't hear that really 664 00:26:07,380 --> 00:26:11,620 from successful resellers is that I just resell to resell. 665 00:26:11,620 --> 00:26:15,380 Right, I mean, I think everybody has their own personal goals. 666 00:26:15,380 --> 00:26:16,780 Let's say you have kids, maybe you 667 00:26:16,780 --> 00:26:19,820 want the smart one to go to private school or all of them 668 00:26:19,820 --> 00:26:21,180 to go to private school. 669 00:26:21,180 --> 00:26:21,900 See what I did there? 670 00:26:21,900 --> 00:26:23,260 I said their only one was smart. 671 00:26:23,260 --> 00:26:26,100 Anyway, that costs money and it's expensive. 672 00:26:26,100 --> 00:26:29,060 And then they're probably going to go to a more expensive 673 00:26:29,060 --> 00:26:32,140 college as a result of that. 674 00:26:32,140 --> 00:26:34,620 So if you do reselling for that, that's 675 00:26:34,620 --> 00:26:36,980 a purpose-driven life in my opinion. 676 00:26:36,980 --> 00:26:39,580 Once they're done with college, you can call it dunsies. 677 00:26:39,580 --> 00:26:41,620 And then you won't be motivated too, right? 678 00:26:41,620 --> 00:26:44,980 Because you know, hey, it's going to cost this amount 679 00:26:44,980 --> 00:26:46,340 or on average this amount. 680 00:26:46,340 --> 00:26:49,820 This is how much I got to make and put in this account. 681 00:26:49,820 --> 00:26:53,260 And when that day comes, you're like, hey, all the work 682 00:26:53,260 --> 00:26:56,100 I did leading up to this point, all the motivation you had 683 00:26:56,100 --> 00:26:58,060 leading up to this point, you get your payoff. 684 00:26:58,060 --> 00:27:01,020 And then like you said, if you reach your goal of whatever 685 00:27:01,020 --> 00:27:04,460 it is, you want to own this, that, whatever it is, 686 00:27:04,460 --> 00:27:06,380 then you can kind of step back and just chill 687 00:27:06,380 --> 00:27:10,860 and just make YouTube videos and do things part time 688 00:27:10,860 --> 00:27:12,820 and really not depend on it. 689 00:27:12,820 --> 00:27:14,540 I think a lot of people get to a point 690 00:27:14,540 --> 00:27:17,260 where they start really depending on every single dollar 691 00:27:17,260 --> 00:27:18,700 in their reselling business. 692 00:27:18,700 --> 00:27:21,660 Like if I don't make this 10 bucks, then I'm done, right? 693 00:27:21,660 --> 00:27:23,220 And that's where you start getting into trouble 694 00:27:23,220 --> 00:27:26,180 because you have no leeway with things 695 00:27:26,180 --> 00:27:28,780 and you just demand this X amount of dollars. 696 00:27:28,780 --> 00:27:31,380 And when it doesn't happen, you're checked out, 697 00:27:31,380 --> 00:27:34,420 you're closed up because your business can't function. 698 00:27:34,420 --> 00:27:36,860 Yeah, if it wasn't for this aging or dying thing, 699 00:27:36,860 --> 00:27:38,260 I could go at a much slower pace. 700 00:27:38,260 --> 00:27:40,620 But apparently that's a thing that we all have to endure. 701 00:27:40,620 --> 00:27:42,700 So that's the other thing. 702 00:27:42,700 --> 00:27:43,980 I didn't mention this. 703 00:27:43,980 --> 00:27:47,260 Like the long hours, that's just to speed up my timeline. 704 00:27:47,260 --> 00:27:50,300 I could work a five hour day doing the same thing, 705 00:27:50,300 --> 00:27:52,940 but there's only so much I could do in those five hours. 706 00:27:52,940 --> 00:27:57,100 So in my case, I work more than a full-time person works. 707 00:27:57,100 --> 00:28:00,940 I probably work two full-time people's jobs in a week, 708 00:28:00,940 --> 00:28:02,980 to be honest, maybe two and a half. 709 00:28:02,980 --> 00:28:05,180 But that's just to speed up my own personal timeline 710 00:28:05,180 --> 00:28:06,940 for my own personal goals. 711 00:28:06,940 --> 00:28:10,860 By no means am I advocating do what the hell I do 712 00:28:10,860 --> 00:28:12,580 because it hard, it long, 713 00:28:12,580 --> 00:28:15,500 and I'm pretty sure I'm immune to copy at this point. 714 00:28:15,500 --> 00:28:19,620 But if you work longer and or smarter, 715 00:28:19,620 --> 00:28:22,220 you can speed up your own personal goal timeline 716 00:28:23,300 --> 00:28:25,380 and the sooner you can get out of doing that, 717 00:28:25,380 --> 00:28:26,300 your IND thing. 718 00:28:26,300 --> 00:28:27,140 And that's what I'm doing. 719 00:28:27,140 --> 00:28:29,340 I realize the sacrifice is upfront. 720 00:28:29,340 --> 00:28:31,500 I'm okay with that personally. 721 00:28:31,500 --> 00:28:33,540 I do think that gets to a point, 722 00:28:33,540 --> 00:28:36,900 like just anybody can sit here and look at themselves, right? 723 00:28:36,900 --> 00:28:38,380 I played soccer in high school. 724 00:28:38,380 --> 00:28:40,580 They were in open down a soccer field a million times. 725 00:28:40,580 --> 00:28:42,500 You put me out on the soccer field today, chief. 726 00:28:42,500 --> 00:28:44,420 I ain't even making it halfway down the field 727 00:28:44,420 --> 00:28:46,500 without being like, I'm done, right? 728 00:28:46,500 --> 00:28:51,020 So you work hard now so you can have the payoff later. 729 00:28:51,020 --> 00:28:53,660 And I do think it kind of gets lost, right? 730 00:28:53,660 --> 00:28:56,620 We have so many people like in the Discord and on YouTube 731 00:28:56,620 --> 00:28:59,780 that are retired that still do resell for fun 732 00:28:59,780 --> 00:29:03,740 because honestly, a lot of the older generation, 733 00:29:03,740 --> 00:29:06,020 they worked their butts off their whole lives. 734 00:29:06,020 --> 00:29:08,140 They did the hard work upfront, yeah. 735 00:29:08,140 --> 00:29:12,260 So now they're retired and now they have this work mentality 736 00:29:12,260 --> 00:29:14,660 like ourselves where, hey, I'm retired. 737 00:29:14,660 --> 00:29:15,500 I can live comfortably, 738 00:29:15,500 --> 00:29:17,700 but I'm still gonna do something to stay active, 739 00:29:17,700 --> 00:29:20,460 pull a little bit of extra poker night money in my pocket. 740 00:29:20,460 --> 00:29:23,540 And I do think it's a huge generational, 741 00:29:23,540 --> 00:29:27,340 basically mind shift when it comes from the older retirees 742 00:29:27,340 --> 00:29:29,460 to people our age where it's just like, 743 00:29:29,460 --> 00:29:32,300 you work for today, you're not planning for the future. 744 00:29:32,300 --> 00:29:33,900 When a lot of those people that we're seeing 745 00:29:33,900 --> 00:29:36,460 are successful in the group, they're retired, 746 00:29:36,460 --> 00:29:38,500 they live comfortably, they still wanna stay active. 747 00:29:38,500 --> 00:29:40,660 They still wanna make a few extra bucks. 748 00:29:40,660 --> 00:29:43,020 It's almost a mindset when it comes to working hard 749 00:29:43,020 --> 00:29:45,460 and planning for the future, just working. 750 00:29:45,460 --> 00:29:46,540 You just work, I just work. 751 00:29:46,540 --> 00:29:47,940 I just have a job, right? 752 00:29:47,940 --> 00:29:50,020 This is all I do, it pays my bills. 753 00:29:50,020 --> 00:29:51,820 And you punch out no more thing, 754 00:29:51,820 --> 00:29:54,140 but the older gentlemen and ladies, 755 00:29:54,140 --> 00:29:55,580 they have a different, I agree with you, 756 00:29:55,580 --> 00:29:57,700 they have very much different work ethic. 757 00:29:57,700 --> 00:30:00,180 And I guarantee you they don't shortcut corners 758 00:30:00,180 --> 00:30:01,340 when they do put in their hours. 759 00:30:01,340 --> 00:30:02,500 When they're in clock mode, 760 00:30:02,500 --> 00:30:04,940 it's professional job, guaranteed. 761 00:30:04,940 --> 00:30:07,260 Yeah, so I think we're gonna wrap it up there. 762 00:30:07,260 --> 00:30:09,380 This was a shorter call, but it was insightful. 763 00:30:09,380 --> 00:30:12,460 I just wanted everybody to start thinking about the future. 764 00:30:12,460 --> 00:30:13,980 Think about a plans of what you wanna have. 765 00:30:13,980 --> 00:30:17,060 You wanna open up a store for a resale business. 766 00:30:17,060 --> 00:30:18,420 You wanna open up a thrift store. 767 00:30:18,420 --> 00:30:21,060 You wanna have rental properties. 768 00:30:21,060 --> 00:30:23,420 You just wanna have a big retirement fund for yourself. 769 00:30:23,420 --> 00:30:25,180 So you can go live in Costa Rica with Deb 770 00:30:25,180 --> 00:30:26,740 when the time comes. 771 00:30:26,740 --> 00:30:29,620 Something like that, even though it's 30 years 772 00:30:29,620 --> 00:30:31,980 down the road, 40 years down the road, 773 00:30:31,980 --> 00:30:34,700 planting the seed today is gonna motivate you today 774 00:30:34,700 --> 00:30:36,500 until you get to that goal, 775 00:30:36,500 --> 00:30:37,860 and you're gonna do things the right way. 776 00:30:37,860 --> 00:30:39,180 You're gonna be more motivated. 777 00:30:39,180 --> 00:30:40,660 You're gonna have less days where you're down 778 00:30:40,660 --> 00:30:42,140 and out on yourself overall. 779 00:30:42,140 --> 00:30:44,620 So as always, we appreciate y'all listening, 780 00:30:44,620 --> 00:30:46,060 watching if you're over on YouTube, 781 00:30:46,060 --> 00:30:49,380 and we'll see you guys in next week episode. 782 00:30:49,380 --> 00:30:50,940 Thanks for listening to another episode 783 00:30:50,940 --> 00:30:52,980 of the Resellers Mindset Podcast. 784 00:30:52,980 --> 00:30:55,340 Today's full episode and all previous episodes 785 00:30:55,340 --> 00:30:57,420 are available to all YouTube members, 786 00:30:57,420 --> 00:31:00,260 along with the weekly Zoom call and private Discord. 787 00:31:00,260 --> 00:31:03,420 Head on over to youtube.com backslash to use book guy 788 00:31:03,420 --> 00:31:09,420 and consider joining for as little as 2.99 a month.