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In this YouTube video titled "The Myths of Success & Poverty - Billionaire B, Lex The CEO and Herman Dolce #353," the speakers discuss various topics related to success, poverty, and financial literacy. They emphasize the importance of shifting mindsets towards wealth creation and proper credit management, highlighting the need for patience, education, and a long-term perspective when it comes to building successful businesses and generating income. They also discuss various topics related to credit repair, personal credit, and business credit, stressing the importance of being financially literate and making wise investments, especially during times of recession.
In this section, the podcast guests discuss the importance of talking about poverty versus wealth creation. While it’s important to address poverty, they agree that it shouldn’t be the sole focus and that it’s crucial to push individuals towards a wealthy mindset. For those with a poverty mindset, getting into the right environment and seeing examples of wealth creation can help shift their mindset more quickly. However, they also acknowledge that not everyone is ready to execute and that they prefer to work with people who are motivated and ready to take action.
In this section, Lex the CEO explains that as a coach, one must also serve as a motivational speaker at times, when life gets in the way and people start to lose motivation. Lex herself offers one-on-one coaching, which she started when she began receiving requests in her DMs. Her coaching focuses on helping entrepreneurs fix their personal credit, build business credit, and obtain funding so that they can start, grow or scale their businesses. She notes that the cause of bad credit, in many cases, is that people have not been financially literate and did not learn about the importance of good credit early on. Some entrepreneurs also use their personal credit to fund their businesses, rather than keeping their personal and business credit separate, which is something that Lex and her colleague Herman advise against.
In this section, Herman Dolce, founder of Bella Stone Enterprises, explains his focus on helping new entrepreneurs structure their businesses properly and acquire funding through financial literacy. He highlights the importance of not funding a business with personal credit and instead recommends starting an LLC and obtaining an EIN number to legally walk into a bank and acquire up to $30,000 without showing documentation. While credit is a factor, he emphasizes the importance of properly establishing the foundation of the business to maximize capital and ultimately obtain funding using only the EIN number.
In this section, Herman Dolce and Lex The CEO discuss the importance of educating people on proper business structure and credit management. They explain that while some people may not know how to properly structure their business or fix their personal credit, it is crucial to do so to achieve success. They also discuss their experiences with scaling their own businesses through the use of credit, and stress the importance of taking advantage of opportunities as they arise, rather than waiting for the "perfect" time. Finally, Brian Waldron chimes in to talk about his own experience leveraging his personal credit to obtain a $25,000 credit card that he used to scale his event space business into a $3.5 million success.
In this section, the speakers discuss the importance of financial literacy and patience when it comes to business. One speaker mentions that going through the process of fixing their credit taught them the value of money, which was necessary to properly fund a business. They also emphasize the need for patience in building a business and falling in love with the process. The speakers criticize the expectation of instant gratification in today's society, which they argue was further perpetuated by the pandemic, leading to unrealistic expectations of what business is truly about.
In this section, the speakers discuss the importance of having patience in the process of building a successful business, and how it's about more than just setting revenue goals and expecting them to happen within a certain timeframe. Instead, it's about consistent and disciplined work towards achieving your goals, while being patient enough to see them grow and flourish over time. They suggest that it's essential to measure your results in a more holistic way, rather than just revenue, so that you can appreciate the small wins along the way and use them as motivation to keep going.
In this section, the speakers discuss the value of patience in achieving goals and the importance of understanding money early. They emphasize the need to stick with a project long enough to never quit, even if the goal is not achieved on the first try. They also stress the importance of understanding money, how it works, and how to invest and save it properly. The speakers argue that everyone should be an investor and have more than one income stream, and that true freedom lies in being able to generate income no matter what happens in the economy or job market.
In this section, Billionaire B, Lex The CEO, and Herman Dolce discuss the importance of educating oneself about the economy and historical events in order to make wise investments during times of recession. They highlight the fact that many assets such as real estate and the stock market go on sale during recessions, making it an opportunity for investors to make millions. They also touch upon the topics of the Ameican dollar and inflation, acknowledging that while they may be complex topics, it is essential to pay attention to how they may impact the economy and their personal financial situation.
In this section, the conversation shifts to the topic of inflation and the potential consequences of other countries pulling their dollar. The group discusses the fact that the US dollar is backed by faith and is worth less due to the amount printed. They also talk about the high cost of living in cities like New York and the benefits of exploring other countries that offer less taxes and more advantageous living situations. The group encourages the idea of owning a home, saving money, and growing your own food as ways to protect yourself in uncertain economic situations. Finally, Lex shares his message of focusing on a mindset shift towards lifestyle marketing and not getting caught up in the flashy displays of wealth that are often shown in media.
In this section of the video, Billionaire B, Lex The CEO, and Herman Dolce discuss how people can determine what they want in life, and not necessarily have to strive to become a millionaire or entrepreneur to find happiness. They explain the Trifecta method of fixing personal credit, obtaining credit in the business name, and putting money into the business to create cash flow, but also acknowledge that there are intricacies and it requires patience and education. They recommend starting by looking at your credit report and identifying inaccuracies or incomplete information, then disputing that account with the credit bureaus to have it removed.
In this section, the speaker gives advice on how to repair and build one's credit score. They suggest that one starts by analyzing their credit report and disputing any negative accounts, such as collections and late payments. The speaker also emphasizes the importance of building one's personal credit score by having at least 10 accounts, including credit cards and loans, reporting to their profile. They also explain that having a mix of credit, such as a mortgage or auto loan, can help boost one's credit score. Additionally, they mention that having one's own car in their personal name can also improve their personal credit.
In this section, the speakers discuss the importance of using personal credit to fund a business. They explain that it is difficult for a new business to get capital in its name without collateral, good credit or business revenue, and so personal credit is the most important thing to leverage when starting a business. They clarify that walking into a bank with a brand new LLC and getting a line of credit is not exactly how it works, as personal credit has to be vouched for by someone. The speakers say that personal credit is essentially used as a personal guarantee for businesses and that this credit is used to establish solid business credit, which can then be used to fund the business. They emphasize the importance of using personal credit wisely, building business credit, and starting small and reinvesting the profits back into the business.
In this section, the conversation shifts to the importance of having a good credit profile and a solid business structure when seeking business funding. The guests share their personal stories of how they fixed their credit and obtained funding for their businesses. They emphasize the significance of having a proper business name, address, phone number, email, and website. Additionally, they mention how being in a high-risk industry can increase the difficulty of obtaining capital. The guests suggest that with a good credit profile and a solid business structure, individuals can secure funding from multiple banks, bolstered by a sound business plan.
In this section, the speakers discuss the importance of setting up a business properly to establish business credibility. Lenders often Google the business before even looking at credit or finances, and having an established and credible business can result in an increased likelihood of being approved for loans. The speakers also discuss a strategy for obtaining and paying off vehicles, including putting the debt in the business name to decrease debt-to-income ratios and potentially make the car a write-off. Additionally, putting assets in the business name can serve as asset protection.
In this section of the video, the speakers discuss the importance of having a plan when it comes to business funding and credit. They stress the need to understand personal credit and how it operates before transitioning to business credit. They also emphasize the need for an exit strategy and knowing your numbers when it comes to using business funding. The speakers provide examples of different business options such as event space, Airbnb, real estate, ATMs, and vending machines, and offer advice on how to get started. They caution against investing in something that doesn't make sense and suggest finding a strategy that aligns with your skillset. Finally, they remind viewers that investing in a business will also require a lot of time and effort.
In this section of the video, the speakers discuss different strategies and tactics to make money work for you instead of the other way around. They highlight the importance of repairing credit, taking advantage of FHA loans, and diversifying investments like Airbnb or event space. They also mention the fundingblueprint.com, a free event where individuals can learn how to get funding from banks to build passive income. The speakers encourage individuals to be ready to take notes and execute, as their five-day challenge will go in-depth into the blueprint, with each speaker getting their own day to cover different aspects.
In this section, the three guests provide their closing remarks and words of wisdom. Lex the CEO emphasizes the importance of having faith and putting in the work to achieve your dreams while also being in the right environment. Herman Dolce, founder of Bellasol Enterprises, encourages viewers to audit their circle and only surround themselves with people who are on the same path as them. Finally, billionaire B talks about the upcoming financial literacy event, The Funding Blueprint, and the importance of documenting the process in order to teach others and help the community grow.
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