This week, I introduce part one of twelve of my new series: Hailey Learns Asset (Wealth) Building. Part one is all about VC investing and funding, and what I’ve learned from entrepreneurs Codie Sanchez and Shaan Puri.
In this episode, I cover:
- Understanding the 12 key takeaways from Codie and Shaan’s discussions
- Differentiating from working hard and creating money
- Exploring the concept of VC funding
- Taking initiative with your professional network
- Introducing Contrarian Thinking and likeminded resources
Why I joined Contrarian Cashflow:
Contrarian Cashflow (or CCF as the cool kids call it), is a group that is part learning how to think more critically (about everything but notably; personal wealth & asset building) and part actioning on unconventional wealth building.
I knew back in December of 2020 that this ( developing my value/ money-creating skills even further) is where I wanted to spend a majority of my time, energy and money in 2021.
I’ve been following Codie for a while now. I like her style and have a great love-hate relationship with her newsletter (Truly being challenged doesn’t feel great all the time, growth brings in a lot of discomfort and Codie’s got me all sorts of uncomfortable, most of the time 😂). So this was a great opportunity to dive into her work more deeply.
What I learned from last month’s convo with Shaan:
Last month’s session with Shaan was great. Really forced me to do a bunch of research about accredited investing, funding, etc. When it comes to VC funds and raising funds, it turns out — I just don’t care enough about it to be successful with it. 🙂 I have no intention of reading memos and joining syndicates and following these companies, I’m just not gonna do it.
So here’s what I’m doing instead:
- Because I still do enjoy being on the outskirts of tech and nerding out about company leadership, I’m going to choose some tech companies to invest small amounts in (a few hundred) via Republic (AngelList’s little cousin platform that allows investing for us unaccredited folks). My intention here is to action on what I learned last month. There are some funds represented there in addition to tech companies. Paring the thoughtfulness Shaan shared with my own interests to exercise my brain.
- Shaan asked one of my new fav questions during the session — “Who captures the money?”. He gave the example of eSports… teams are volatile and rely on capturing/retaining players to be successful, but the games they play (Overwatch, Fortnite, etc) make money no matter what. So I’m applying that idea/question to my investing in crypto right now. I don’t know enough about the area to feel comfortable investing more than a few grand so while I steel my nerves/learn more, I can still get in investing in this space with the tools people need to manage crypto. For example, you gotta have a place to trade your dough (like Coinbase) and a way to store it (a hot or cold wallet, depending on how much trading and moving you want to do). Crypto is only getting bigger and these tools will as well. They will always be capturing money.
Lastly, the most useful thing for me is focusing on how leaders *think* vs what they do. I can apply my fav parts of Shaan’s mind to whatever avenues I choose to pursue.
For my final trick, here are the 11 thoughts/takeaways I’ll continue forward with:
1.Help your network, so your network can help you.
I know this to be true but was helpful to hear just how much Shaan leans on his crew (and they him). I needn’t be afraid to take advantage of that. In the case of funding and investing, your network is often how you get invited to these deals. In other spaces it’s the same! I need to be really intentional about building my own crew.
2. Be willing to put learning over the near- term dollars.
It’s a recurring theme for the successful entrepreneur. Once you’re in a place to not need immediate dollars (because you have a salary or are self-employed, etc.) you have to shift your mind into thinking about the longer game. It’s the difference between being self-employed and an entrepreneur. At that point, the knowledge becomes more valuable than the dollars in the short term.
3. Being wrong isn’t that big of a deal – when you’re decision making skills are top-notch.
The world is shifting fast and hard now. There’s no sense in trying to predict the future (make every “right” move). It’s better to focus on growing your decision making skills. If you make a “wrong” decision, it’s okay. You get to make another one! Grow your ability to make high-level decisions quickly. Which lea
4. Being ready doesn’t matter.
Further proof that feeling “ready” is overrated. You just mainly don’t feel ready. That’s not a problem. Be willing to make moves without the feelings of readiness (by virtue of knowing you can trust your decision making skills and leaning on your past experiences).
5. Leverage technology and audience together.
As per Codie’s last few emails, tech & audience is where it’s at (and where it will continue going to). Plugging into that models for my businesses and looking for ways to continue to do so.
6. Look for a repeatable process.
Being creative is an important part of entrepreneurship, but you don’t have to reinvent the wheel every time you’re looking to increase your revenue. Shaan Puri talked specifically about looking for repeatable models in a market and taking full advantage of the easier revenue potentials within those common repetitions.
In other words, you can be creative and have fun being original, but you don’t actually have to be original to create money and to create assets.
7. Agency and radical responsibility
When you’re an employee, you wait for the opportunities to come your way. Projects are often assigned by your boss or manager, with objectives already set and deadlines ready to be met, etc, etc. I find that making the move from a W-2 brain to a entrepreneur brain requires a lot of energy. Continuing to talk with my clients about making that mental switch and where it shows up most (are they waiting for opportunity or creating it)?
8. Do one big thing everyday
To do lists can make you feel accomplished but feeling accomplished and creating assets can be different things. Genuinely appreciated Shaan saying what he did about “keeping up with a list” vs “making progress towards the bigger picture”. Sometimes we make productivity the end, when it’s really the means to an end. This is the opposite of that.
9. Remember that you’re not going to win every time (and that’s okay!)
Shaan shared that his fund team don’t hit gold every time. That’s not even the goal. When they do “miss out” (more is always coming) it’s time to evaluate and ask why. Not as a punishment but out of curiosity.
10. Ask “who captures the money?”
Probably my fav thought of the whole thing. See my notes above.
11. Understand that not every asset class is for you.
When someone from the comments asked how would you get into Funds without experience in tech, finance, connects, basically starting from 100% scratch, Shaan answered, “I wouldn’t.” He gave some more ideas of where to start after that but still. A particular asset class will work for you when you have the right pieces to play that game. No sense playing w/o the pieces – you can build them but why when there are other games you could be playing and winning?
Long post even longer, When it comes to VC funding and raising funds, turns out I just don’t care that much. And I’m okay with it. I have a plan moving forward. I think next month, they’re talking about tiny homes and land ownership, and since my husband’s family owns farmland and is an outdoorsman, this might be more up my alley. I’m perfectly happy with moving on to other opportunities, knowing that there are a million ways to build assets.
You can view the Instagram post I mentioned in this episode here.
You can learn more about Codie Sanchez and Shaan Puri on Contrarian Thinking.
You can schedule a clarity call with me here: https://brainspaceoptimized.com/clarity/