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[CHART] Top 20 Reasons Startups FAIL

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Grrrrrrreat! You’ve found yourself a million dollar, BILLION DOLLAR idea! Now you want to be the next Mark Zuckerberg. Dope.

Here’s the bad news… You’ve probably heard that famous statistic that 90% of startups fail.

(I personally find that stat to be a piece of fallacious, unscientific bullshit. Seriously. How many of those “startups” are just pipe dreams that never actually launched? But that’s another story for another day…)

Whether true or not, it’s generally accepted that a high percentage of startups do meet an early demise.Ā According to research from our homies at CB Insightsā€”which I do trustā€”a very high 70% of real startups end up having to bite the dust.

Even among thoseĀ withĀ funding ā€” which excludes wantrepreneurs, no-hopers and bozos ā€” nearly HALF of funded companies never make it past that stage.

And even if you do survive this bloody carnage, the odds of becoming a unicorn ā€” a billion dollar business ā€” are next to nil.

Literally.

In fact, less than one fucking percent of companies, 0.91% to be exact, end up earning unicorn status.

And yeah, just like you thought: Those ones are among the most hyped tech companies of freakin’ ever, including Uber, Airbnb, and Slack.

OK, now that this apocalyptic tirade is over, you’re probably wondering (sh*t, I’M even wondering)…

WhyĀ do the startups fail?

The beasts at CB Insights actually looked through 101 startup suicide notes and broke down exactly why these startups never make it to the promised land.

Check it out.

 

Business

How Big Real Estate Moguls Avoid Taxes (And How You Can, Too) šŸ‘€

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I was looking around Google for an old article on tax strategies and this five-year old video of myself happened to pop up.

Iā€™m interviewing a tax expert about how real estate investors avoid paying taxes in perpetuityā€”AND how everyday citizens can do the same thing.

(Real estateā€”our TEMPLE I and TEMPLE II projects includedā€”has a number of tax benefits savvy investors have capitalized on for years, including Opportunity Zone breaks and 10-year tax abatements.)

Thereā€™s the 1031 exchange, of course, which Iā€™ve shared with you guys before. 

Just to refresh your memory, the 1031 Exchange allows you to roll over gains from your last project into a new property TAX FREEā€”as long as said property is worth the same or more.

But thereā€™s ANOTHER TAX LOOPHOLE that can take your portfolio to an entirely new level by splitting your capital gains into MULTIPLE properties.

So I thought Iā€™d share it with you guys. šŸ’Ž

You can check it out here.

Let me know what you think. šŸ˜Ž

PS: In our next update, Iā€™m going to break down how real estate moguls get paid from their propertiesā€¦tax free. šŸ‘€
PPS: If you want to learn how to implement generational wealth strategies like this one, you can join our NYCE wealth academy (TRIBE U) here.

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Business

How I run a $300M+ business from the beachā€¦(and how you can TOO!)

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Yes, you read that right.

If thereā€™s anything the pandemic taught us, itā€™s that the paradigm of ā€œofficeā€ and ā€œworkspaceā€ has been shaken to its CORE.

Universities are teaching via Zoom, court dates are done virtually, FULLY REMOTE businesses are valued at $1B+, and legitimate Inc. 5000 startups are run fromā€¦wherever. šŸ“²

This is my office for the dayā€¦

I am actually running our business from the beach, typing this from here.

Itā€™s 4:28 pm CET, which means itā€™s 10:28 am EST and I am CRUSHING my to-do list.

(And the team will continue to crush it while Iā€™m asleep. Thatā€™s the šŸ—)

So how did we get here?Ā 

We launched NYCE and our mission to create 100,000 millionaires in March, 2020ā€¦just as the global COVID-19 lockdown happened. šŸ˜³

As a result, we shut down our main office and set EVERYTHING up to run remotelyā€¦

SMOOTHLY! And a system that allows us to outperform competition by 200%. (You can build this system, too. More on this in a second.)

Hereā€™s what we were able to do since then:

  • Gained 6M+ followers across all platforms šŸ“ˆ
  • Add 1500+ new apartments to the portfolio šŸ¤‘
  • Grow to $300M in real estate šŸš€
  • 105% investor returns šŸŽ‰
  • 700K+ community members šŸ¤

And hereā€™s the best partā€¦

Having team members in all the main time zones gives us a 24-hour work cycle vs. 9-5/eight-hour on-the-clock performance.

This means we get 3x the productivity of a similar company. šŸ”„

Let me repeat thatā€¦3x PRODUCTIVITY vs. our competitors.

Meanwhile our project management software grants us 24-hour TEAM-WIDE connectivity that tracks all tasks and lets us know if productivity dips even a little bit.

There is ALWAYS someone senior awake. It could be Martin in Barcelonaā€¦Nat in New Yorkā€¦Vineet & Arif in New Delhi.

All the while giving YOU GUYS wealth hacks and daily content. šŸ”„

OK, so how can you do it?!

Well, the first step is to have an actual side hustle youā€™re launching. Not just an idea, a validated business.

MAJOR KEY: Do NOT spend money until youā€™ve made your FIRST DOLLAR! šŸ—šŸ—šŸ—šŸ—

(You can catch a replay Business Launch masterclass here and see TRIBE member Nessa launched her business on the spot and got her first $45K client shortly after.)

One of the easiest ways to start is with Airbnbā€”you can start that in 10 minutes. Literally. (Hereā€™s a guide if you need it.)

Once you have your business, you build a virtual infrastructure (you really just need two softwares, which are FREE), manage the team accordingly and run the business from there.

Iā€™m gonna put together a step-by-step video breakdown this weekend inside the new TRIBE U on the FIVE key things you need to do this for YOURSELF. šŸ’µ šŸ’Ž

From what software to use, how to build a team, how to keep.

In the meantime, drop a comment if youā€™re ready to build some wealth and any questions if you want moreā€¦

Letā€™s get to work. šŸ™Œ

PS: If you canā€™t be bothered with video and just wanna get to work, weā€™re hosting a TRIBE U workshop that will help you get this process started on the spot. Itā€™s $479 $49. šŸ”„

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NYCE CEO: Apps Like Robinhood Have A Responsibility To Their Young Investors

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Investor and popular Instagram influencer Philip Michael says new fintechs need to take greater responsibility for their younger traders.Ā 

ā€œPromoting financial literacy is a must, but encouraging risky gambling is reckless,ā€ Philip Michael, NYCE CEO, says.Ā 

In 2020, a 20-year-old Robinhood trader killed himself after engaging in risky options trading and seeing his balance $730,000 in the red, leading to a wrongful death lawsuit against the investment app.

ā€œThe main apps onboard as many new users as humanly possible, but thereā€™s really no educational process,ā€ Michael says, ā€œand these first-time investors are left to figure things out on their own.ā€

NYCEā€”a fintech focused on creating wealth for minoritiesā€”wants to create 100,000 millionaires through real estate investments and wealth education.

Through its app, investors can own shares in apartment complexes for as little as $100.

Since launching, NYCE has set records for most new first-time BIPOC real estate owners, buying over 1500 apartments in the pandemic and splitting ownership with its investor crowd.

Once investors are in, NYCE automatically enrolls investors in an online wealth academy (TRIBE) that teaches basic wealth principles, responsible investing and how to spot irregular fads like altcoins and meme stocks.

ā€œBecoming a millionaire is a function of time and habit, not luck and one-time scores,ā€ Michael says. ā€œThe micro-investments are really just the gateway drug to that wealth mindset.ā€

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