The Secret Millionaires Club Episodes 1-8

"I'm good friends with Warren Buffet his gonna teach me how to do my best, learn to invest and have a lot of fun doing it…"


*THE BEST INVEST YOU CAN MAKE IS AN INVESTMENT IN YOURSELF*
*THE MORE YOU LEARN THE MORE YOU'LL EARN*


Episode 1 : Lemons to Lemonade


Essential Elements of a Successful Retail Enterprise :


1. Quality  [check]
2. No Competition [check]
3. Satisfactory Price Point [check]
4. Market (Demand) [check]
5. Good Location ______?


REMEMBER:  "If the people won't come to your business, bring your business to the people."


WORDS FROM WARREN:
Just like a retail business needs a good location to attract customers to its store. You need to think of location too. When You are in a classroom its best to sit in a place where you can listen to the teacher. The better your located enable you to pay attention, the better you'll do in school. Location! Location! Location! Pay attention and listen to learn the most you can.


Episode 2 : Car Wash Capers


ADVERTISING every successful business needs to find different ways to reach their consumers. E.g. Direct mail and mass media. They need to figure out what makes them special.


REMEMBER: "A good idea of how you communicate is like winning in the dark."


WORDS FROM WARREN:
6. It is important to advertise yourself in a positive way so people will see you from the inside out.
7. Always be honest and sincere and never lie under any circumstances.


"Treat other people the way you would like to be treated" --> this is the best advertising of all.


EPISODE 3: WALKIN' THE DOG


BUSINESS PLAN
Without a business plan you'll end up running around like a dog chasing its own tail.
"Almost anyone can run a business if they could learn how to do it."


REMEMBER: " If you fail the plan, plan the fail."


WORDS FROM WARREN:
Planning is important in business and everyday life.
8. You need to prepare for things if you want to be successful.
-Like doing your homework everynight so you can do well on the test.


"The will to prepare is just as important as your will to win."


EPISODE 4: LAWN AND ORDER


SAVE
You should plan better for the future. Sometimes you gotta save your best players for the final quarter and sometimes you have to save a quarter.
" A penny save is a penny invested in your future."


REMEMBER: "It's always a good idea to put something aside this month for the things you need instead of just spending it a day on the things you want."


WORDS FROM WARREN:
Saving money is important for you and for your lifetime. You should put aside some money from what you earn so you can buy the things you need later on.


"A penny save is a penny earned." -Benjamin Franklin


EPISODE 5: WHAT'S SO FUNNY ABOUT P.C'S AND UNDERSTANDING


"You can't tell if it's a winning business if you don't know how to keep score."
If you invested in something you don't understand you have NO WAY of knowing if it's a good business or not. You can't project what might go wrong or what can be done to fix it.
"You got to understand what your getting in to."


REMEMBER: Keep things simple. Don't get involve in a business you don't understand.


WORDS FROM WARREN:
Successful business could also adopt to change. Understanding is important in success in life. You should try to understand another persons point of view and be prepared to change your mind if their point of view makes good sense.


"Learn to understand things before you do it and to think things through before you act."


EPISODE 6: HOUSE OF CARDS


Guessing wrong on trends can lead to trouble in business. Specially when demand is based on fickle consumer sentiment.
-->Invest in something that will always be cool or at least be always on demand.


REMEMBER: Learn from your mistakes or better yet learn from the mistakes of others.


WORDS FROM WARREN:
A business is difficult to judge if supply and demand of a product is based on fickle sentiment of consumers.
--> You always want to invest in a business that is always predictable and dependable. Other wise, you'll end up making up mistakes.


This is similar in making friends if you are fickle and not reliable and dependable people will never know how to judge you.


"Always be reliable, consistent friends with others."


EPISODE 8: THE BIG TRADE-OFF


TRADE-OFF
Deciding to take off one thing in order to get more of something else.
So you have to figure out the upside and downside of any decision.


REMEMBER: "It's important to make the right trade-offs so you can have a balance life."
"Never trade your reputation for anything."


WORDS FROM WARREN:
A business is faced with many choices and it is important to the managers of the business to evaluate the right trade-offs to be successful.


Evaluating trade-offs and making the right decisions are also important in life.
-"I recommend studying and learning things you never know before."