Episode 153: Financial Intelligence - There's more to money than just making it.
In today’s show, Pancham interviews Henry Daas – serial entrepreneur, entrepreneurial coach, and author of FQ: Financial Intelligence.
Henry has always been an entrepreneur at heart – from starting his first company in 1991 to using his experience as a platform to coach aspiring business owners and investors. He even has self-published his book to help you learn everything you need to know about money and wealth! In today’s episode, he’ll share his adventures that got him from where he is today.
We’ll explore his entrepreneurial mindset as he shares his journey, stories that you can relate to, and his passion for coaching. He’ll also discuss the difference between simply being rich and having that fulfillment in your career, questions to reflect on when making decisions, and the pressure in golden handcuffs and how you can break them.
Listen and enjoy the show!
Tune in to this show and enjoy!
- 0:43 – Pancham introduces Henry to the show
- 2:08 – His entrepreneurial ventures and how his book came about
- 6:13 – Why you should invest in what you love (and not solely for the money!)
- 9:15 – The psychology of money that will help in your decisions
- 12:11 – How HENRYs (High Earner, Not Rich Yet) can get out of golden handcuffs
- 19:11 – How his book will prepare you on managing your wealth
- 22:19 – Taking the Leap Round
- 22:19 – Real estate as his first investment outside of Wall Street
- 24:42 – On overcoming his fear of the unknown
- 27:23 – Lessons learned from his real estate investment gone wrong
- 30:37 – Why investors should explore, start small, and learn to negotiate
- 33:52 – Henry’s contact information
3 Key Points:
- Invest in what you are interested in as a way to achieve fulfillment in your life. There’s a high chance of you losing interest if you’re simply investing for profit.
- Identify what your perception of money is and how it represents to you in order to know your place when investing.
- Having a coach or a friend to support your decisions and listening to podcasts to learn how to diversify investments can be your first steps towards financial freedom.
Get in Touch:
- Get all the information about Henry Daas and a copy of his book “FQ: Financial Intelligence” at email@example.com
- Henry Daas Website – https://henrydaas.com/
- The Gold Collar Investor Banking – https://thegoldcollarinvestor.com/banking/
- The Gold Collar Investor Club – https://thegoldcollarinvestor.com/club/
- Pancham Gupta Email – firstname.lastname@example.org
- Never Split the Difference: Negotiating As If Your Life Depended On It by Chris Voss and Tahl Raz – https://www.amazon.com/Never-Split-Difference-Negotiating-Depended-ebook/dp/B014DUR7L2
Welcome to The Gold Collar Investor Podcast with your host, Pancham Gupta. This podcast is dedicated to helping the high paid professionals to break out of the Wall Street investments and create multiple income streams. Here’s your host, Pancham Gupta.
Hi this is Tom Burns, author of Why Doctors Don’t Get Rich. You’re listening to The Gold Collar Investor Podcast with Pancham Gupta.
Pancham Gupta Welcome to The Gold Collar Investor Podcast. This is your host, Pancham. Really appreciate you for tuning in today. Let’s get into today’s show. I have the author of the book Financial Intelligence on the show, Henry Daas started his first business in 1991, selling, installing, servicing, and financing computers to large corporations. Since then, he founded several firms in the e-commerce, finance, real estate, and consumer product spaces. For much of the past decade, he has taken his experience as an entrepreneur and used it as a platform to coach other business owners and founders. In addition, in 2019, he self-published a 432 page book on everything you need to know about how to grow and manage your money. He offers a 20 week course where he teaches it to you one on one. Hey, Henry, welcome to the show.
Henry Daas I’m really happy. I’m excited to be here. Let’s just call it that. How are you doing?
Pancham Gupta I’m super excited. You know, when I first saw your profile, and, you know, saw the background that you wrote this Financial Intelligence book, it was like, man, this is exactly what I talked about on the show. And you know, I definitely have to get you on the show to talk about what you have to share. So really excited for the show. Before we get started, though, are you ready to fire up my listener break out of Wall Street investments?
Henry Daas I’m locked and loaded, ready to go?
Pancham Gupta Awesome. So, Henry, before we get started, like can you tell our listeners about your background, how you got started to do what you’re doing today and more importantly, the person behind that background?
Henry Daas All right. Sure. So, I described myself as a serial entrepreneur, I started my first company in 91. so, 30 years ago, I had a series of different businesses, some did very well, some not so much in a bunch of different vertical markets, technology, real estate. In addition to that, I have been trading, I bought my first stock when I was 17. Going back to the 1970s. For the record, it was Chrysler, which was on the on the verge of bankruptcy, but I was betting the government was going to bail them out and they did, and I made a couple of bucks. So now I’m, you know, a professional entrepreneurial coach, and I sell a course about money that revolves around my book FQ – Financial Intelligence. That’s me.
Pancham Gupta Yeah, that’s very short and sweet. I want to kind of get a little bit deep into that. So, you started in 91, and then started this business. And from that point on til now which is writing this book, and becoming a coach and teaching people like, how did that transformation come about? Like, you know, when did you first think, oh, you know, what, I want to become a coach and I want to become an author and write this book.
Henry Daas Well, the pivot point for me was, you know, really turning 50. I’m 62 now, so I had been running businesses for a couple of decades, and I sold a business, I kind of kicked around a little bit, I spent about three years now, maybe two, two and a half years, just trading, right? I had a nice trading station set up in my office and I was basically just trading the markets every day. I can do that for a living. It was the first time in my life, I’d actually tried to do it for a living and, and I was certainly from a financial standpoint, successful at it not to be braggadocious, you know, I just was, but I was kind of it was kind of bored by it. You know, it’s a very cloistered existence. At that time, I worked out of my, out of my basement in New Jersey, I’ve since moved to Connecticut. And I vow I’m never going to work out of the basement again. But I tell you, your world becomes very small and that was really bothersome. You know, humans are social creatures. So, I decided, okay, this is fine. And I can still do this. Almost as sort of a side hustle. I was always trading anyway; I just wasn’t going to do it 24 hours a day. And then I decided so what am I going to do for my next act for the second half of my life, but I’d always informally coach people anyway, so I decided to formerly hang up a shingle as a coach and I did a year’s training with Coachville. I made sure I learned what I was in for before I went out and got, you know, client zero and I liked it. I like working with people one on one. And then it was a couple of years ago that I was at a conference actually in Thailand and sitting around a table with a bunch of other coaches, where I talked about how I get one of my bucket lists was to write a book about finance. And I said, well, why don’t you do that? I really wanted to write a course. And that’s what I did, I actually went back home and spent the next two months writing the course. And then when I was about to launch a bunch of the people who beta test that I had a dozen people beta test my course they said, this should be a book, you know, put it together as a book, which was a whole another project, took me like a year to put it together as a book because I really wanted to do it right. That was kind of the journey. You know, I actually sat down and said, what do I want the next, you know, couple of decades to look like because I never plan to retire. As long as there’s somebody out there who’s willing to pay me for my talents. I’m not retired.
Pancham Gupta Exactly. So that’s great, actually. So, you can, when you’re 50, you kind of sat down and really thought about what you want to do. And that’s how all this kind of got started. So that’s awesome. So can I have a lot of questions there. But let me ask you one thing, though, in your book, you wrote about Financial Intelligence, right? And I talk about, you know, all the personal finance related stuff on the show, we talk about investing in alternative asset classes from real estate, many asset classes within real estate, and then, you know, ATM machines to oil and gas to, you know, all different kinds of things, and gold and silver to Bitcoin. And in your experience, is there a favorite asset class that you have that you like to invest? If so, what is it? If not, then why not?
Henry Daas Well, I’ll tell you a story, actually, from that same conference in Bangkok. They’re about 300 people, they’re mostly people, folks who run location independent businesses or digital nomads. So, one of them buttonholed me and said, Can I, you know, can I ask you some questions? So, I said, come on, let’s go have dinner together. And he was asking me, you know, what he should invest in, and he runs a company out in California that doing pretty well does a couple million dollars’ worth of business. So, I threw it back at him. And I said, what do you like? He said, well, I like real estate. I said, okay, well, why don’t we do that, right. I think it’s important for you to have a real interest in what it is you’re investing in. Investing simply to make money is fine, right? It’s fine. But I don’t think it’s particularly fulfilling. And I know a lot of people who are quite good at it and whatever it might be. In fact, I even stated in my book, specifically talking about stock trading, I said, if your trading is exciting, you’re doing something wrong, right? It shouldn’t be exciting. You should be making boring money, but you do need to find some kind of fulfillment in your life, I think, because it’s pretty short, right? I had, I guess you could almost call it sort of an entrepreneurial midlife crisis, where I said, Yeah, is that all it is? No, I just look at a balance sheet and an income statement all day and that’s supposed to make me happy? Not really, I mean, even saying it on the cover of my book, there’s a yawning gap between being rich and having a lot of money. And you need to balance those things out. So, find what you’re interested in. If you’re interested in crypto, if that gets your juices flowing, invest in crypto, if it’s real estate, I know lots of folks who like real estate, I just completed a 60 hour course here in the state of Connecticut to get my real estate license. You know, it’s 62 years old. And here, I was thinking I was going to be the oldest person in the class, not at all. Other people have 160 people in the class, other people having the same idea. Now I’ve invested in real estate, not as a professional, and I’ve not done nothing on the broker side but now it’s like, yeah, I want to get on the broker side, because I have a high level of interest in it. And I know I can make a lot of money, which is, in many ways, kind of a bonus. right? Because it needs to be you got to have some fun with it. Otherwise, you lose interest.
Pancham Gupta Yeah, no I 100% agree that fulfillment is really important. And you mentioned something very, very, very real, and very important point that in your book you start with, there is a difference between being fulfilled, and being rich. said can you elaborate on that and also, you know, in your book, how do you define that?
Henry Daas It’s sort of like mo money, mo problems, right? Well, a lot of people who don’t a lot of people who don’t have any money will say, well, you know what, I really like to have more problems. That’s what more money brings. I’d be willing to deal with it. And it’s funny, the very first chapter so when I sat down and wrote this, you know, as a course and then a book, I didn’t do an outline or anything. I wrote a table of contents, 18 chapters, and the very first chapter is called The Psychology of Money. To me, it all just seemed very logical how to lay it all out and I never changed it. And I started writing chapter one, and I worked linearly through to chapter 18. And so, to me, the obvious place to start is, is what are your tendencies? What’s your view of money? Is it just a disposable tool? What does it represent to you, like, I’ve done an experiment with people where I’ve asked them, give me one word right off the top of your head that tells me how you feel about money. And they’ll say something like security, or freedom, or power, right? Some people want money because it gives them power, right? There’s a hole in their life, there’s a power vacuum in their life, and they figure if they get a lot of money, they can somehow fill that hole, right? You have to decide where you sit on the spectrum. And I draw the spectrum from scarcity to abundance, right? Scarcity, being someone who’s just hoarding every little thing that they have, and kind of like really not enjoying life actually making decisions that really run counter to their best interests, they can afford to do something, but they choose not to, because they’re worried that they’ll never get that money back, then the opposite end is the abundance people who might say, I don’t care about risk, I’m going to dump 100% of my money into bitcoin, right, and I’m going to ride that wave where it goes up to 50,000, and then plummets down, recently ever down to 30,000. Now, I think it’s back up to 48,000. I want to be on that roller coaster. Remember, what I said is that your trading should not be exciting, it needs to be boring. For some people, they don’t want to listen, it’s like no, I like being on the roller coaster. I like being on the cutting edge. And if I lose it all dust myself off, and I’ll start over again. That’s fine. If you’re 25, maybe not so great. If you’re 65. Time is your time as an investor time is your, your greatest asset. You know, you can make bad bets. But sometimes time can turn that around. Sometimes, if you’re patient.
Pancham Gupta Yeah. So, you know, like, I’m gonna ask you one very philosophical question as a follow up to that, right?
Henry Daas Sure.
Pancham Gupta There are, you know, in my listener base, we have people who work in tech people working, you know, they’re making good, very good money and good jobs and their businesses and their very, most of them are very, very passionate about doing what they do. Some others are for them, it’s just means to an end, right? Like the job they go. And you know, it just means to an end. They’re earning and, you know, having a good life with the money that they’re earning, right? So, all these guys are making good money but some of these guys, they feel stuck. Like what would you tell someone who feels stuck in life, meaning, you know, going back to your unfulfilled part, right, they feel stuck in life, on how to get unstuck and create a life of their dreams?
Henry Daas Well, those people are referred to by the acronym Henry, right? If you know what that one is, the acronym HENRY means high earner, not rich yet. That’s one figure viewers there. So, they’ll remember me with that high earner, not rich yet. So, a bunch of years ago, I had a guy who was what’s called a wantrepreneur. So, someone who wants to be an entrepreneur, but hasn’t, hasn’t cut the cord yet. And so, I coached him for a little while to try to make a transition. He was in an interesting situation didn’t work on Wall Street. He was a CPA. And he worked for a very good firm, and he made good money. And he was in his mid-30s, and he was on track to eventually become a partner. But in his hopes and dreams, what he really wanted to do was he wanted to be a real estate investor. So, we were working on what he could do to make that transition. And I said, I said, well, you have golden handcuffs. And he didn’t know what that term meant. And so, for those who’ve never heard that term, it’s sort of like you’re in a situation that other people would envy. Now he came from a large family, and the feedback he was getting from everyone else you would be crazy to leave this job. You’ll be on Easy Street by your early 40s, making a lot of money. And at one point, he sort of whispered into the microphone, this was the most candid moment, he said, if I’m doing this when I’m 50 I’m gonna kill myself. He just sort of said it, just under his breath just like that. Yet the world was telling him he was crazy to get out of this. I followed up with him a couple of years later after we disengaged and he was still a CPA, and he still wasn’t able to break that stranglehold. I don’t have a magic bullet for folks who are stuck, and I wish I did. I wish I could tell you certainly you can engage someone like myself a coach. And I’m not saying that as a lead magnet, because I’m actually not taking on clients right now anyway. So even though I’d be happy to talk to people, don’t get me wrong. It is really, really tough when you have a crowd of people telling you, you would be crazy for leaving your wall street job, they don’t live in your world. I know plenty of folks on Wall Street, I worked for the New York Stock Exchange for nine years writing computer programs, I spent countless hours on the floor of the exchanges, both the Amex and the NYSC. So, I know a lot of folks down there, and it is the pressure cooker. So, it is you can make a ton of money. But if your health suffers, and you’re not old enough, you know, if you if you get stuck with this, and you can’t get out, and you start having issues, which I’ve seen a lot of people do beside the fact that it’s a cutthroat business, it’s almost analogous to professional sports, you know, every year, there are new graduates who are younger, faster, and will work cheaper than you and they want to take your job. That’s a tough, tough spot to be. So certainly, listening to podcasts like this to learn about how to diversify investments, right, take the money that you’re making, and put it into other asset classes, as we talked about before the show, so you can build true wealth. Again, you know, Henry, think about it high earner, not rich yet, what does that mean? That means they’ve got a really good P & L, right, their profit loss sheet might be really, really good, but they don’t have a balance sheet yet to back it up. And you know, when as an entrepreneurial coach, you know, when people come in, come to me, that’s where we start with. I mean, I want to see what your balance sheet looks like. Because if you’re living if you’re just living hand to mouth, even if your paycheck is huge, I know people who are living paycheck to paycheck, and they’re just not they’re living a lifestyle that may not be beyond their means from a cash flow perspective but if something hiccups with that cash flow, like they lose their job, or COVID, or we’re gonna have some black swan event occurs, you know, they’re swimming naked, right, as Warren Buffett said, You only know who’s right when the tide goes out is when you know who’s swimming naked right? You don’t want to be one of those people.
Pancham Gupta Exactly. So, I you know, thanks for sharing your wisdom there. I 100% agree with you that if you’re, you mentioned something there like first of all, Henry, this is something new I learned today, high earners, not rich yet. I’m going to use it all the time.
Henry Daas Yes, use that it’s a really good one.
Pancham Gupta Yeah. And you know, so the other thing you mentioned, which I’m a big fan of is coaching, you know, like, if you’re feeling stuck, and you feel that you’re on this hamster wheel, right, and just running around running, not going anywhere, then you really need help you have the desire, but you don’t have the means or someone guiding you because you’re around people and you’re seeing people who either don’t believe in you or do not have the environment that you want, like you’re not – inaudible.
Henry Daas And also, they have an agenda, right? Think about it, you figure your wife, your friends, your family, they may not know it, but they have an agenda. And it’s going to color what they say about it. I’m thinking about the wife of the guy who’s a CPA, who wants to leave his quarter of a million dollar a year job and become a real estate investor. She’s thinking, oh, my God, his salary just disappeared all those benefits for a business that may or may not be successful. Yeah, that will call her a wife, it could be a husband, it could be a partner, it could be anybody who’s close to you who’s concerned that you’re making an economic mistake that’s going to impact them,
Pancham Gupta Right, because they are themselves scared because they are your loved ones and they want to make sure that you don’t fail in the end, like, you know, it impacts the entire family. So, it’s just sad, you know, because I myself went through that struggle. So, I when I quit my job, and really similar struggle, like it, very golden handcuffs, really, really bad handcuffs and hard to get out, right. So totally understand that. So, you know, I want to move on to the second part of the show. But I want to ask you this, your highlights on your book I, you know, want people to, I know you have something great to share in the end as well like you. So, you talked about the psychology of money. But what are some of the very high level key points in your book, if someone was to listen to this and get really excited and want to get a copy of your book,
Henry Daas I broke the book into what I call three acts. Because one of the things I do on the side is I write screenplays, I’ve written like 11 of them. In a screenplay, a movie follows a three act structure. So, the first six chapters are, are kind of nuts and bolts. They’re really the first act, the psychology something I call the thick green line which compares your age to your net worth. That kind of plots that out talks about You know, what I call contingent liabilities? What are you facing down the road, whether it be retirement or major expenditures that you haven’t seen yet? I talked about income and balance sheet and all that stuff in the middle act is where I talk about investments. Okay, so you got a bunch of money, what asset classes are you going to look for, you’re going to invest in Wall Street, real estate, commodities, currencies, there’s a zillion things out there, or like you mentioned, you know, vending machines or car washes, or, you know, other types of cash flow specific businesses, a lot of different stuff. And then in the third act, I cover pitfalls, and retirement planning, and estate planning, and all those other sorts of things that you need to do that if you’re 30 years old, you’re not thinking about right now. And it may be way off in the distance, but I think it’s important to at least have a passing knowledge on what’s ahead of you because life is a blur. You know, five minutes ago, I was eight, an 18 year old kid, and now I’m 62 years old. I mean, it just goes by fast. My kids are all grown it really is, the more prepared you can be for the future without dwelling on it too much, I think the better off you’ll be.
Pancham Gupta Right, great. Thank you, Henry, for sharing that. We’ll be back after this message…Have you ever wondered why the rich keep getting richer? What is the secret that they know but you do not? What if I told you that wealthy people make their money work for them in two different places? Yes, the same dollars invested into different places, and working hard for them while they sleep. They utilize these special accounts that have been in existence for more than 100 years. Do you want to learn more about these accounts? Then you are in the right place? Listen to the episode number five by going to thegold collarnvestorbanking.com/banking show, I repeat, thegoldcollarinvestorbanking.com /banking show or visit thegoldcollarinvestorbanking.com… So, Henry, let’s move on to the second part of the show, which I call taking the leap round. In this round, I ask these four questions to every guest on my show. My first question for you is, when was the first time you invested outside of Wall Street?
Henry Daas First time I’ve ever really invested outside of Wall Street was about maybe 20 years ago, when I invested into real estate. I had a business partner. We bought some spec houses in an in a very wealthy area. So, buy a million dollar house, knock it down, sell a $3 million house, stuff like that. I wrote about that in my book. It all ended very badly. My business partner committed suicide.
Pancham Gupta Oh, my God.
Henry Daas He left a trail of malfeasance. Yeah, I was in a really precarious situation for a couple of years there with people suing me, bank suing me in foreclosure. And yeah, there were a lot a lot a lot of life lessons in that. Wow. And I wrote about them. I’m not the type of type of person who’s always writing about everything being sunshiny and rosy. I think there’s a lot to be learned from successful people. And I consider myself as successful person facing huge adversity. Yeah, a lot to be learned from that.
Pancham Gupta So that was in 2001. Around that timeframe.
Henry Daas 2004 was when we started investing, and he committed suicide in 2006. Right, really? Right really before the total collapse of the housing market.
Pancham Gupta Right. Right. Right.
Henry Daas Which actually saved my bacon, because by the time we got to court, the entire market had collapsed. And the judge basically made a decision in my favor. He basically said, you know, who’s the bigger idiot here? The you guys for taking the money or the bank for loaning it through you? And he said, he basically said the bank should have known better, they gave me a get out of jail free card. So even my attorney had been practicing for over 30 years was stunned by that decision.
Pancham Gupta Well like you said that adversity but then you pull through, you come out stronger.
Henry Daas As a wise person once says, what doesn’t kill you merely takes years off your life? That’s my version of that particular quote. Anyway.
Pancham Gupta Wow.
Henry Daas Yeah, it was really, really interesting.
Pancham Gupta Okay. All right. So, my second question here for you is, I know you didn’t end well, but when you were going into it, like did you have any fears when you started? Oh, you know what? We’ll do this. Let’s do this.
Henry Daas I yeah, it was unknown, right? And anytime you’re getting by Then some sort of an asset class or investment that is unknown. It’s kind of terrifying. First time I traded options. Yeah, I remember I had options on Apple stock. And they were worth, you know, several $100,000, you know, but I had a call spread, going to two sided option trade. And I didn’t close it out. So, it executed. And I remember getting this, you know, notification from the options trading company that my account was going to be debited for several $100,000. And I freaked out, like, oh, my God, what did I do wrong here. And then I realized that it was just a timing thing. Then the next one came in, which was the credit. So, the spread was the money that I lost, I lost on that particular trade, but I think I lost all of maybe $1500 but I was kind of a novice at it. And I’m like, wow, I wasn’t expecting that to paper transactions. And there was a horrible story recently about a young trader through Robin Hood, who, who had a similar situation and ended up hate to be in such a downer and talk about it, but they ended up committing suicide, because he thought he was close to a million dollars in debt. And it was all it was just; it was just a paper transaction. That’s unforgivable, right? I mean, it really is. So even the best, most seasoned traders, they make mistakes. It wasn’t really a mistake on my on my part. After that, I realized that even if I have to get out for a nickel, I gotta get out. I gotta close. I don’t I don’t want the market to close my trades out. I need to close them myself. You know, I wrote in my book about a friend of mine who forgot to close out a commodity trade. And he got a phone call that said, where do you want the rail car of cocoa beans deposited?
Pancham Gupta Exactly.
Henry Daas Seriously, you know that tomorrow? And he’s like uh-oh I left the trade open. Let me go close that out. I don’t need a rail car for full of cocoa beans.
Pancham Gupta First time when you do like everyone who goes to auction trading, they realize that at some point, man never leave it.
Henry Daas You. You can take your lumps people think, oh, the cash requirements are so low. It’s the same thing with the futures market. Oh, yeah. I don’t need to have hundreds of thousands of dollars. I can do this with a little portfolio. And five minutes later, they blow their whole portfolio up because they didn’t know they didn’t have the experience.
Pancham Gupta Right. Yeah, exactly. Exactly. Cool, so my third question, I’m sure you have had many. So, what would you say? Is an investment that did not go as expected? Would you say that the housing project that you were..
Henry Daas Certainly, the house thing. The ironic thing about that is for all the deals that we did, I actually from a cash standpoint, even having to pay for the lawyer, I was cash positive on that relationship, which lasted for several years. But if I had to do it all over again, I would never ever, on another podcast, the host asked me what the biggest takeaway, there was a single biggest takeaway from my book. And I said, it’s understanding risk, right? I thought I had understood the risk involved with getting involved with this person and doing these real estate deals, I did not. I had my blinders on whatever it might be, I got caught up in the hype. Much like people here getting caught up in the hype with crypto and, and NF T’s and all these various facts and all these trendy things. It’s easy to get caught up in the hype. Sometimes you just have to sort of take a step back and say, maybe I should, I should cut my teeth, doing some simple boring investments. So, I can learn how this stuff works. if for no other reason that it’ll prevent you from making a really bad mistake. I was in an options trading group. And after a while, people started falling out because they destroyed their accounts. They had no money left. They couldn’t be in the group anymore because they had no money left to trade, right? They’re undisciplined I talked about trading rules. In my book, I talk about ways to keep your hair as I say keep your powder dry, different things that you can do. Because if you run out of money, you can’t invest. You just can’t. Really simple it’s just arithmetic.
Pancham Gupta Okay, so would you, what would you say like in terms of that one investment that stands on top of the list for you that did not go as expected?
Henry Daas Well, it would be it would definitely be in the real estate arena yet. As I said to you, 15 minutes ago, I’m getting my real estate license. And the differences is I want to be able to sort of step behind the curtain and see kind of see the sausage being made, as they say, doesn’t mean I’m gonna jump up and down and go out and be like a real estate Maven, but it’ll get me one step closer to understanding how the mechanics behind the scenes work which is important because there’s a ton of money to be made in real estate. But you have to recognize the fact that the capital requirements, you know, can be substantially greater than just, you know, doing basic stock trading or bonds or whatever, or even currency. And the deal cycle is much longer. I can buy a stock once we hang up and I could sell it, you know, five minutes after. If I want to do a scalp trade, I’ve never day traded, because it’s just not how I operate, I have a longer term horizon. But when you’re dealing a real estate transaction too much longer, right? It could take you 90 days to close, right? So, you don’t have the liquidity. There’s other risk factors that come into play, it’s important that people understand the risk factors in whatever instrument that is that they want to trade. Okay,
Pancham Gupta Cool. So, my last question is, which might be you already might have answered that. So, what is one piece of advice would you give to people who are thinking of investing outside of Wall Street that is in main street?
Henry Daas Well, there are wonderful places where you can invest that don’t have anything to do with Wall Street and you need to investigate those. One thing that we haven’t talked about is investing in websites, right? I’ve had clients who’ve done that, that’s, that’s been their primary business. There are plenty of places out there that broker websites, there’s Empire Flippers, Effie Flippa, I get their emails. And there were lots of people out there who have created a website and some little niche, and they want to sell it. So, I know folks who’ve who bought, you know, scores of websites, they have the skills, they do SEO o them, they may merge a couple of them together, and then they turn around and they flip them. And they go for in many cases, just a few $1,000. In fact, I have a friend who I was on his podcast, and I asked him since when do you have a podcast? He said, I bought it. Oh, wow, bought a podcast? Yeah, he bought a podcast. He’s the first person I know who bought a podcast. He said, Yeah, I bought this. I bought the podcast and done a certain number of episodes. And I don’t even know where there’s a market to actually sell podcast. But he said, I bought it from somebody that way, I didn’t have to start from scratch. But that’s pretty smart I didn’t ask him what he paid. But you know, he’s a smart guy. I’m sure he did his homework. So, there are you know, there are tons and tons of alternative investments. But again, I’m old school, I tell people do your homework, start small. You got 10,000 bucks rattling around, you could go out there, buy a website and manage it yourself or hire someone to manage it yourself. I know I worked years ago with someone we created what I call the machine, it was a way of evaluating whether the website had had value, there was a set of like 25 parameters that you look for. And you just sort of dropped the website that’s for sale into that, and it’ll spit it out at the other end to tell you whether it’s a good investment, whether you should pass or whether there’s an opportunity to make an offer, right? They may be asking 50 grand, which is overpriced, but at 30 grand, it’s a buy. So don’t be afraid to negotiate. We could spend a whole another podcast talking about the art of negotiation which I could call the Lost Art of Negotiation because people don’t understand how negotiating works, right?
Pancham Gupta Yeah, no, I there is this great book. I forgot his name. He’s the ex-FBI guy who wrote a book on, Chris.
Henry Daas I know the book that you’re talking about something like never pay the ask. Yeah, it’s never, Yeah, it’s Never Split the Difference. And you know what, I have split the difference. I call it cut the baby in half, Solomonic reference, I have actually split the difference many times successfully. But I haven’t read the book, so I don’t want to say that they
Pancham Gupta A highly recommended. It’s awesome book. Thank you, Henry, for your time here today. So how can listeners connect with you find out more about your you know, what you do and your book and all the things that you have to offer.
Henry Daas So, if you go to fq, Foxtrot, Quebec, @thegoldcollarinvestor.com, you can get all the information about all the different stuff that I do and get a link to download my book for free, whatever it is you want.
Pancham Gupta That’s great. Yeah. So that’s again, email@example.com. If you send an email, you will get all the goodies that Henry has to offer. Thank you, Henry, for your time here today. And it’s been an absolute pleasure to have you on.
Henry Daas Pleasure was all mine. Thanks again for having me.
Pancham Gupta Thank you. I hope you learn something from Henry. I definitely learned the acronym HENRY, which is high earners, not rich yet. So anyway, thank you for listening. I really appreciate you. If you have questions, email me at firstname.lastname@example.org. That’s p as in Paul@thegoldcollar nvestor.com. This is Pancham, signing off. Until next time, take care.
Thank you for listening to The Gold Collar Investor Podcast. If you love what you’ve heard and you want more of Pancham Gupta, visit us at www.thegoldcollar investor.com and follow us on Facebook @thegoldcollarinvestor. The information on this podcast are opinions. As always, please consult your own financial team before investing.