Episode 709 | The 7 Greatest Investments of My Life
whatshot 13 snips
Apr 16, 2024
Discover the transformative journey of building personal wealth through entrepreneurship. The host shares valuable lessons learned from selling companies and navigating the complexities of cryptocurrency. Delve into the nuances of risk management and the gradual path to startup success. Gain insights into strategic investments, including angel investing and real estate, while understanding the importance of running profitable businesses. This engaging discussion emphasizes practical steps for achieving financial freedom.
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question_answer ANECDOTE
HitTail Acquisition
Rob Walling bought HitTail for $30,000 and later sold it for over $1 million.
This was life-changing, but he stair-stepped his way up by saving profits from smaller products and consulting.
question_answer ANECDOTE
Drip Exit
Rob Walling's biggest wealth driver was selling Drip for millions after investing $150,000-$200,000.
He emphasizes this was possible due to prior successes and saved profits, not luck.
volunteer_activism ADVICE
Risk Tolerance and Backstops
Having a financial backstop lets you take bigger risks in business.
Rob Walling was risk-averse initially due to a lack of safety net, leading to slower growth but also stability.
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In episode 709, join Rob Walling for a solo adventure as he shares his story of growing his personal wealth over the past few decades. Selling companies was the major driver of wealth, but he also explores the role of cryptocurrency, running profitable companies, and angel investing. Rob emphasizes the power of entrepreneurship in achieving financial freedom, while acknowledging there are ways to do so while keeping risk relatively low.
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Topics we cover:
2:50 – A lesson on how to build wealth
4:31 – Entrepreneurship was our biggest tool
6:37 – Building, acquiring, then selling companies
10:45 – Building slowly while staying risk-averse
13:27 – Investing in riskier assets like cryptocurrency
If you have questions about starting or scaling a software business that you’d like for us to cover, please submit your question for an upcoming episode. We’d love to hear from you!
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