In this episode, Brent Daniels discusses the brutal realities of market cycles and the "entrepreneur's ego." Brent breaks down why real estate is a seasonal business where 70% of annual revenue often drops in just six months, and why failing to manage money during the "fat months" leads most wholesalers to total failure when the market shifts.

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Show notes:

(0:48) Beginning of today’s episode
(2:02) The "70/6" Rule: Why 70% of your annual income comes in a 6-month window
(3:34) Avoiding the "Debt Trap" and why businesses implode during market shifts
(5:51) The Entrepreneur’s Ego: Why we fabricate "chips on our shoulders" and ruin bank accounts
(10:27) Financial Thermostats: How your childhood (ages 0-12) dictates your success with money
(14:32) Lessons from the 2008 crash: Going from a 10,000 sq. ft. office to losing it all in 90 days
(18:13) The Golden Formula: Income - Profit = Expenses
(25:48) Why you can hire friends and family (if you aren't an asshole)
(28:09) Why 99% of people should stay "on the court" as self-employed rather than hiring a staff

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Resources:

Profit First for REI by David Richter
The 7 Habits of Highly Effective People
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Wholesaling Inc with Brent Daniels